Overview:
Since our last analysis, gold has been trading downwards. The price tested the level of $1,069.50. In the daily time frame, I found a weak supply bar, which is a sign that selling looks risky. The short term trend is upward. In the 30M-time frame, we can observe testing of our channel, which made good buy point around the price of $1,072.00. I have placed Fibonacci retracement and Fibonacci retracement 61% is at the price of $1,070.00.The first resistance is seen at the level of $1,088.70. Key price action resistance is around the price of $1,100.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,077.00
R2: 1,078.65
R3: 1,081.20
Support levels:
S1: 1,072.00
S2: 1,070.50
S3: 1,068.00
Trading recommendations: Watch for potential buying opportunites, selling looks risky.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Gold : analysis for December 23 , 2015 . Thanks for your support.
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