Since our previous analysis, gold has been moving upwards. As I expected, the price tested the level of $1,286.37 in a high volume. The trend is upward. According to the 30M time frame, I found a successful testing of supply in a low volume at the price of $1,279.30. Watch for buying opportunities on dips. The price successfully tested 20EMA and I am expecting further upward continuation. The take profit level is set at the price of $1,302.30.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,281.05
R2: 1,282.25
R3: 1,284.10
Support levels:
S1: 1,277.25
S2: 1,276.00
S3: 1,274.10
Trading recommendations for today: Be careful when selling and watch for buying opportunities on dips.
The material has been provided by InstaForex Company – www.instaforex.com
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