Overview:
Gold has been trading sideways around $1,174.00. In the daily time frame, we can observe a neutral bar (doji) in a volume below the average. Selling looks risky at this stage, because we got major support around $1,168.88 - $1,162.00. We can observe an ultra-high effort from sellers in the M30 time frame, but with discouraging results (weak supply). Bullish correction is still possible. I had placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38.2% at the level of $1,183.00, Fibonacci retracement 50% at $1,188.00, and Fibonacci retracement 61.8% at %1,192.00. The short-term trend is bearish. Watch for selling opportunities if the price breaks major support.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,178.00
R2: 1,180.75
R3: 1,185.20
Support levels:
S1: 1,169.00
S2: 1,166.40
S3: 1,161.90
Trading recommendations:. Sideways market. Be careful when selling gold since we can observe weak supply around $1,171.00. Watch for selling opportunities just below price of $1,162.00.
The material has been provided by InstaForex Company - www.instaforex.com