Since our previous analysis, Gold has been trading sideways at the price of $1,337.00. According to the 4H time frame, I found trading range between the price of $1,330.00 (support) and the price of $1,357.60 (resistance). The price action suggests that buyers protected the support (pin bars from the support). I also found bullish outside bar formation, which is a sign that selling looks risky. So, I expect testing of resistance at the price of $1,357.00. Be careful when selling and watch for potential buying opportunities.
Hourly Fibonacci pivot points:
Resistance levels:
R1: 1,343.90
R2: 1,344.75
R3: 1,346.00
Support levels:
S1: 1,341.00
S2: 1,340.00
S3: 1,338.75
Trading recommendations for today: Selling looks risky, watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.comfrom www.instaforex.com http://ift.tt/2bOzdmI
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