Since our previous analysis, Gold has been trading downward. The price tested the level of $1,322.45 in an high volume. According to the 4H time frame, I found a broken trading range. The price broke the support at the level of $1,329.50 in a high volume, which is a sign that buying looks risky. My advice is to watch for selling opportunities on the pullbacks. The first downward target is set at the price of $1,311.00.
Hourly Fibonacci pivot points:
Resistance levels:
R1: 1,327.25
R2: 1,327.50
R3: 1,337.85
Support levels:
S1: 1,326.45
S2: 1,326.20
S3: 1,325.85
Trading recommendations for today: Buying looks risky, watch for selling opportunities on the pullbacks.
The material has been provided by InstaForex Company – www.instaforex.com
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