Gold has been trading sideways around the price of $1,183.00. In the daily time frame, we can observe a bullish bar in a volume below the average. In the H1 time frame, we can observe another buying climax in the background, which is a sign that buying gold at this stage looks risky. Anyway, I am neutral on this pair since we got major support around the levels of $1,168.00 and $1,162.00. Since we got strong buying climax in the background and fail absorption volume, bearish side is more possible.
Daily Fibonacci pivot points:
Trading recommendations: Buying climax around the price of $1,184.00 is in the background. Buying gold at this stage looks risky.
The material has been provided by InstaForex Company – www.instaforex.com