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Gold – XAU/USD
Pivot / Support and Resistance Levels according to Daily Chart:
S3: 1271.88 | S2: 1288.05 | S1: 1300.63 | PP: 1316.80 | R1: 1329.38 | R2: 1345.55 | R3: 1358.13
In the past couple of days, Gold was bearish and almost tested the 1300 level which offered the instrument enough support to push it slightly up and is currently trading around the 1310 level. If today’s candle closes around current levels, we will end up with a small range body candle and a clear upper tail indicating bearishness.
With that being said, we think Gold is currently stuck between the 1300 and the 1350 level, which offered it a rough ride in the past couple of months and expecting it to do so once again. If Gold managed to close below the 1300 level, we think we will have a strong sell signal below the low of that close and with a target towards the 1250 level.
However, we still think that if tested once again the 1300 level, it will offer it enough support to push it back up. In that case, we also believe that breaking Monday’s high is a strong buy signal with a first target towards the 1350 level (strong resistance) and a second one towards the 1400.
