Since our previous analysis, gold has been moving upwards. The price tested the $1,257.78 level in a high volume. According to the 30M time frame chart, I found a successful test of supply in a low volume, which is a sign that selling gold looks risky. Watch for intraday buying opportunities. Support level at the price of $1,245.15 held successfully. The first upward take profit is set at the price of $1,256.45.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,256.00
R2: 1,262.40
R3: 1,272.90
Support levels:
S1: 1,235.00
S2: 1,228.50
S3: 1,218.00
Trading recommendations for today: Be careful when selling and watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com