Overview:
Since our last analysis, gold has been trading sideways around the level of $1,099.00. In the daily time frame, we can observe a weak demand bar with weak a close. Also, the price rejected our 100SMA at the level of $1,107.00. Buying at this stage looks risky since the price is at the resistance level. An intraday trend is upward but short-term and mid-term trends are still bearish. According to the M5 time frame, I saw potential changing in trend dynamic from upward to downward. Downward support is found at the levels of $1,096.00, $1,092.00, and $1,085.00. The resistance level is set around the area of $1,115.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,106.90
R2: 1,109.00
R3: 1,113.00
Support levels:
S1: 1,099.00
S2: 1,096.50
S3: 1,093.00
Trading recommendations: watch for potential selling opportunities, buying looks risky.
The material has been provided by InstaForex Company - www.instaforex.com