Trading Conditions
Products
Tools
Overview:
Since our last analysis, gold has been trading sideways around the price of $1,138.00. The intraday trend is neutral. In the daily time frame, we can observe testing of Fibonacci retracement 61.8% at the price of $1,136.70 and a neutral bar (indecision). In the M30 time frame, we can observe a massive volume spike (Friday news) and buying climax. After the volume spike, we created a small trading range between the prices of $1,141.00 (resistance) and $1,129.90. I placed Fibonacci retracement to find potential support levels and got Fibnacci retracement 38.2% at the price of $1,127.00, Fibonacci retracement 50% at the price of $1,123.00 and Fibonacci retracement 61.8% at the price of %1,118.50. A potential downward target is near the price of $1,110.00. Anyway, if the price breaks the level of $1,141.00 in a high volume, we may see possible testing of the level of $1,156.00.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,141.00
R2: 1,143.15
R3: 1,146.60
Support levels:
S1: 1,133.90
S2: 1,131.75
S3: 1,128.25
Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities after retracement.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.