Since our previous analysis, Gold has been trading upwards. The price tested the level of $1,329.89 in an ultra high volume. The price spiked upward after the Non-Farm employment change data. Anyway, it is very risky to buy at this stage since I found a potential ending diagonal. My advice is to watch for selling opportunities with targets at $1,315.80 and $1,307.15. Only if the price breaks the level of $1,329.89, the price may continue higher.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,328.04
R2: 1,328.65
R3: 1,329.65
Support levels:
S1: 1,326.05
S2: 1,325.45
S3: 1,224.40
Trading recommendations for today: Watch for selling opportunities as long the price doesn't go above $1,329.89.
The material has been provided by InstaForex Company - www.instaforex.com