Overview:
Gold has been trading downwards. The price tested the level of $1,142.53. 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 $1,142.00 and $1,141.00. Our strong diagonal (support) trendline got broken but with very weak volume and price action. So, be careful about a fake breakout.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,158.00
R2: 1,165.00
R3: 1,176.00
Support levels:
S1: 1,136.00
S2: 1,129.00
S3: 1,118.00
Trading recommendations: Weak downward movement is on the market. Be careful when selling gold around the price of $1,140.00.
The material has been provided by InstaForex Company - www.instaforex.com