Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of 1,344.91 in an ultra high volume (buying climax) according to the 4H timeframe. Bullish movement is a result of very weak supply for 2 days. According to the daily timeframe, we can observe average demand. I have placed Fibonacci expansion to find a potential upper station. Besides, I got Fiboancci expansion 61.8% at the price of 1,368.00. We may see smaller bearish correction from sellers in reaction of buying climax. The support level is the level around the price of 1,332.00 (swing high like support).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,331.09
R2: 1,334.55
R3: 1,340.17
Support levels:
S1: 1,319.85
S2: 1,316.39
S3: 1,310.77
Trading recommendation: Be careful with selling Gold since we have got broken resistance in the background.
The material has been provided by InstaForex Company - www.instaforex.com
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