Since our previous analysis, gold has been trading upwards. The price tested the level of $1,355.89 in a high volume. According to the 1H time frame, the price rejected from my downward target at the level of $1,335.95. I found a massive volume and strong rejection from the level of $1,335.95. Today, I found successful testing of supply in a low volume, which is a sign that selling looks risky. According to the 1M time frame, there is a finished ABC corrective phase and I expect a test of $1,353.50. The key resistance level is set at the price of $1,357.80.
Hourly Fibonacci pivot points:
Resistance levels:
R1: 1,355.85
R2: 1,356.40
R3: 1,357.25
Support levels:
S1: 1,354.10
S2: 1,353.50
S3: 1,352.65
Trading recommendations for today: Selling looks risky, watch for buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com