Overview :
Since our last analysis, gold has been trading sideways at the price of $1,272.00. In the daily time frame, I found a supply bar (upthrust), which is a sign of weakness and sluggish demand. Intraday buying looks risky at this stage. According to the H4 time frame, I found a massive volume spike with a very wide-spread bar (buying climax - strong sign of weakness). Intraday downward stations are set at the prices of $1,262.00 and $1,253.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,271.75
R2: 1,274.00
R3: 1,279.50
Support levels:
S1: 1,262.00
S2: 1,259.00
S3: 1,254.00
Trading recommendations for today: Be careful when buying gold at this stage and watch for potential intraday selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com