Overview:
Since our last analysis, gold has been trading upwards. In the daily time frame, we can observe a weak supply bar, which is a sign that sellers do not have power and that we may expect further upward movements to take place. An intraday trend is upward. The resistance level is set at $1,112.30. If the price breaks the level of $1,112.30 in a high volume, we may expect potential testing of $1,135.00 (Fibonacci retracement 61.8% and SMA200).
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,098.50
R2: 1,098.70
R3: 1,109.00
Support levels:
S1: 1,097.80
S2: 1,097.60
S3: 1,097.25
Trading recommendations: Watch for potential buying opportunities on dips.
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 January 25, 2016 . Thanks for your support.
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