Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,357.00 in a high volume. According to the H4 time frame, I found a morning star formation (bullish formation), which is a sign that selling looks risky. Besides, there is a rejection from the 21SMA. Upward targets are set at the price of $1,357.00 and $1,365.00 (resistance-cluster).
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,351.35
R2: 1,353.60
R3: 1,357.25
Support levels:
S1: 1,344.20
S2: 1,341.90
S3: 1,338.25
Trading recommendations for today: Selling looks very risky. Watch for buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com