Overview:
Gold has been trading sideways around the price of $1,154.00. We are facing again very low volatility and weak price action. According to the daily time frame, we can observe weak bearish bar in a volume below the average. According to the H4 time frame, we can observe a weak price action and lower volatility on the market. Selling still looks risky at this stage because of support at $1,146.00. There is a chance that the price will come back into our major trading range between $1,162.00 and $1,231.00. The short-term trend is neutral. Also, I found strong diagonal (support) trendline which is holding so far.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,165.00
R2: 1,171.00
R3: 1,181.00
Support levels:
S1: 1,146.00
S2: 1,140.00
S3: 1,130.00
Trading recommendations: Indecision market. Be careful when selling around the level of $1,150.00 since we got support level around $1,146.00.
The material has been provided by InstaForex Company - www.instaforex.com