Since our last analysis, gold has been trading upwards. The price tested the level of $1,179.20 in a very high volume. The short- and mid-term trend changed from downward to upward. In the daily time frame, we can observe a neutral bar in an average volume. In the H1 time frame, we can observe strong upward momentum and rejection from strong support cluster at the price of $1,165.00. Major resistance is at the price of $1,191.50.
Daily Fibonacci pivot points :
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com