Since our previous analysis, gold has been trading downwards. The tested level of $1,310.65 is in an average volume. The price reached my downward target at $1,312.20. According to the 30M time frame, I found potential changing in the trend dynamic from bearish to bullish. I found fake breakout of yesterday's swing low and successful testing of supply in a low volume. My advice is to watch for potential buying opportunities on the dips. Target is set at the price of $1,332.00 (yesterday point of control).
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,332.35
R2: 1.337.50
R3: 1,345.90
Support levels:
S1: 1,315.50
S2: 1,310.30
S3: 1,301.90
Trading recommendations for today: selling looks risky, watch for buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com