Overview:
Since our last analysis, gold has been trading sideways. We are facing a quiet day and flat Gold around the price of 1,336.00. According to the daily timeframe, we can observe demand in a volume above the average, which is good sign for potential bullish movement. I have placed Fibonacci expansion levels 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). According to the 4H timeframe, we can observe weak supply on the market.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,345.33
R2: 1,350.47
R3: 1,358.80
Support levels:
S1: 1,328.68
S2: 1,323.53
S3: 1,315.20
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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