Since our last analysis, gold has been trading sideways around the price of $1,218.00. Price is trading in defined trading range between the price of $1,223.50 (resistance) and the price of $1,208.00 (support). If the price breaks the support level of $1,208.00 we may see potential testing of $1,193.00 (major Fibonacci retracement 38.2%). From the other side, if price breaks the level of $1,223.00 (resistance), we may see potential testing of $1,240.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,225.40
R2: 1,228.90
R3: 1,234.50
Support levels:
S1: 1,214.00
S2: 1,210.60
S3: 1,205.00
Trading recommendations for today:The market is moving sideways around the price of $1,220.00. Watch for successful breakout in a high volume to confirm further direction.
The material has been provided by InstaForex Company - www.instaforex.com