Overview:
Since our last analysis, gold has been trading upwards. As I expected, the price tested $1,182.86 level in a very high volume. An intraday short-term trend is upward. An upward bar in a very high volume is seen in the daily time frame. Demand still presents in the market. Therefore, selling looks risky. Our second take profit level has been reached at $1,182.00. If the price breaks the $1,190.00 level, we may see a potential test of $1,224.00 (Daily resistance). The 1H time frame shows strong upward trend and the price is well above all key MA`s. Since gold is in the uptrend according to the lower time frames, watch for potential buying opportunities on dips.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,171.20
R2: 1,173.15
R3: 1,176.30
Support levels:
S1: 1,164.95
S2: 1,163.00
S3: 1,159.90
Trading recommendations: Watch for a potential breakout of resistance and then try to buy on dips.
The material has been provided by InstaForex Company – www.instaforex.com
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