Overview:
Since our last analysis, gold has been trading sideways around the level of $1,070.62. In the daily time frame, I found a weakly supply bar, which is a sign that selling looks risky. An intraday trend is neutral. In the 30M-time frame, we can observe successful re-testing of our channel and a breakout of a bullish flag, which made a good buy point at the level of $1,072.00.The first resistance is seen at the level of $1,080.00 and second at $1,088.70. The key price action resistance is seen around the level of $1,100.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,076.20
R2: 1,076.50
R3: 1,077.00
Support levels:
S1: 1,075.15
S2: 1,074.80
S3: 1,074.25
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 28 , 2015 . Thanks for your support.
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