Since our previous analysis, gold has been trading downwards. As I had expected, the price tested the level of $1,211.46 in an ultra high volume. My take profit level at the price of $1,218.00 from yesterday was met. According to the 30M time frame, I found few up-thrust bars today and rejection from the 50 SMA. Watch for selling opportunities on the pullbacks. The level around the price of $1,218.00 looks like a good area to sell. Take profit levels are set at the price of $,1,211.60 and $1,208.35.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,229.75
R2: 1,232.85
R3: 1,237.85
Support levels:
S1: 1,219.50
S2: 1,216.45
S3: 1,211.60
Trading recommendations for today: Be careful when buying Gold at this stage and watch for selling opportunities on the pullbacks.
The material has been provided by InstaForex Company - www.instaforex.com