Since our previous analysis, Gold has been trading sideways at the price of $1,319.00. After Yellen's speech on Friday, I found massive reaction from our cluster and strong pin bar in a high volume, which is sign that sellers came in into the market. Be careful when buying and watch for selling opportunities. Take profit level is set at the price of $1,310.70.
Hourly Fibonacci pivot points:
Resistance levels:
R1: 1,324.30
R2: 1,325.00
R3: 1,326.00
Support levels:
S1: 1,322.20
S2: 1,321.55
S3: 1,320.50
Trading recommendations for today: Watch for selling opportunities on the pullbacks.
The material has been provided by InstaForex Company - www.instaforex.com