Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,352.22 in a high volume. Gold reached my take profit from yesterday at the price of $1,341.50. Anyway, today I found weak demand and potential topping formation according to the 15M time frame. My advice is to be careful when buying and watch for selling opportunities. The breakout of $1,346.80 (down fractal) will confirm potential downward movement and testing of $1,341.85 – $1,339.50.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,349.10
R2: 1,354.75
R3: 1,363.90
Support levels:
S1: 1,330.75
S2: 1,325.10
S3: 1,315.95
Trading recommendations for today: Watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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