Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,092.72 in a high volume. In the daily time frame, the price has broken our 50 SMA. Selling at this stage looks risky. The intraday trend is upward, but the mid-term trend is still downward. I placed Fibonacci retracement to find resistance levels and got Fibonacci retracement 38.2% at the price of $1,102.00 and Fibonacci retracement 61.8% at the price of $1,136.00. Intrday buying positions are preferable.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,080.70
R2: 1,084.20
R3: 1,086.90
Support levels:
S1: 1,074.50
S2: 1,071.80
S3: 1,068.30
Trading recommendations: Watch for potential buying opportunities, selling looks risky.
The material has been provided by InstaForex Company - www.instaforex.com