Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,335.25 in a high volume. According to the 15M time frame, I found strong broken falling wedge formation (bullish pattern). My advice is to watch for buying opportunities on the dips. The first take profit level is set at the price of $1,357.00. I found lack of supply near the level of $1,322.50, which is a sign that the upward trend may continue.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,339.25
R2: 1.343.25
R3: 1,350.00
Support levels:
S1: 1,326.60
S2: 1,322.50
S3: 1,316.00
Trading recommendations for today: Selling gold looks risky at this stage. So, watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com