Overview:
Since our last analysis, gold has been trading upwards. As I expected, the price tested the level of $1,117.42. In the daily time frame, we can observe a demand bar in an average, which is a sign that sellers do not have power and that we may expect further upward movements to take place. An intraday trend is upward. The price broke our resistance level at $1.111.50, which is now acting as good support. This area looks like a good place to open buying positions. The take-profit zone is set at the level of $1,134.00 (Fibonacci retracement 61.8%).
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,109.60
R2: 1,112.00
R3: 1,115.85
Support levels:
S1: 1,102.00
S2: 1,099.60
S3: 1,095.80
Trading recommendations: Watch for potential buying opportunities on dips.
The material has been provided by InstaForex Company - www.instaforex.com