03.07.201213:49 Forex Analysis & Reviews: GBP/USD Weekly Wave Analysis

Long-term review

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Overview:

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:

Resistance levels

R1: 1,146.00

R2: 1,145.00

R3: 1,148.00

Support levels:

S1: 1,143.00

S2: 1,142.00

S3: 1,140.00

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.

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