Trading Conditions
Products
Tools
Since our previous analysis, gold has been moving upwards. The price tested the $1,285.78 level in a high volume. On the 4H time-frame chart, I found broken downward channel (bullish flag) in a high volume, which is a sign that selling looks risky. On the 5M time-frame chart, I found successful testing of supply in a low volume. Watch for buying opportunities on the dips. Take profit level is set at $1,301.50.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,289.00
R2: 1,293.00
R3: 1,299.50
Support levels:
S1: 1,276.00
S2: 1,272.00
S3: 1,265.50
Trading recommendations for today: be careful when selling gold at this stage and watch for potential buying opportunities on the dips.
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.