Gold has been trading downwards. The price tested the level of $1,135.90. According to the daily time frame, we can observe a weak bearish bar in a volume below the average. According to the H4 time frame, we can observe supply in a high volume. Selling still looks risky at this stage because of the major support around $1,131.00. The trend is downward. Watch for selling opportunities only if the price breaks the level of $1,131.00.
Daily Fibonacci pivot points:
Trading recommendations: Supply in a high volume is observed on the market. Watch for a potential breakout in a high volume of our support at $1,131.00.
The material has been provided by InstaForex Company – www.instaforex.com