Overview:
Gold has been trading sideways around the price of $1,180.00. In the daily time frame, we can observe a neutral bar in a volume below the average. In the M30 time frame, we can observe fail absorption volume in the background but also selling climax and strong reaction near the price of $1,172.00. Anyway, I am neutral on this pair since we got major support around the levels of $1,168.00-$1,162.00. Since we got strong buying climax in the background and fail absorption volume, bearish side is more possible.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,185.30
R2: 1,186.50
R3: 1,188.50
Support levels:
S1: 1,181.00
S2: 1,179.60
S3: 1,177.20
Trading recommendations: Buying climax around the price of $1,184.00 is in the background. Buying gold at this stage looks risky.
The material has been provided by InstaForex Company - www.instaforex.com