Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,323.39 in a high volume. According to the daily time frame, I found a strong upward trend and no selling pressure bar. The bar with a lower volume is compared to the previous 2 bars. This is a sign that sellers got no power and that bullish momentum may continue. Watch for buying opportunities on dips. The first take profit level is set at the price of $1,358.25.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,318.00
R2: 1.319.40
R3: 1,321.35
Support levels:
S1: 1,314.00
S2: 1,312.90
S3: 1,310.80
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