Since our previous analysis, gold has been moving sideways at the price of $1,273.00. According to the daily time frame, I found weakness in the background. Bullish bar closed in the middle. Anyway, according to the 4h time frame, I found a downward channel. There are two options in my opinion. The breakout of level $1,268.00 should confirm downward continuation and potential testing of $1,256.00. The breakout of $1,288.60 should confirm upward movement and potential testing of $1,302.80.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,282.70
R2: 1,285.50
R3: 1,290.00
Support levels:
S1: 1,273.55
S2: 1,270.70
S3: 1,266.00
Trading recommendations for today: Watch for successful breakout in a high volume to confirm further direction.
The material has been provided by InstaForex Company - www.instaforex.com