The price of $1,172.00 is the key level on gold. If the price rejects lower from that point, we may see potential testing of $1,165.60. Anyway, if the price breaks an upward channel, gold may visit the level of $1,177.60. The price is trading at the point of control. I found a downward channel and the price is testing the upper diagonal of the channel. Watch for potential selling opportunities. The first downward target is set at the price of $1,165.50. Anyway, if the price breaks the level of $1,172.50, gold may visit the level of $1,177.60 (Fibonacci expansion 61.8%).
Fibonacci pivot points:
Resistance levels:
R1: 1,172.35
R2: 1,177.30
R3: 1,179.80
Support levels:
S1: 1,164.90
S2: 1,162.25
S3: 1,157.50
Trading recommendations for today: Watch for potential selling opportunities. Anyway, if you see an upward breakout of the channel, watch for buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com