By Admiral Markets
Source: Admiral Markets MT5
The Gold is congesting between D L3 and D H3 – classic daily support and resistance levels. If the price breaks and closes above 1317.29 we might see 1322 and 1327. A cluster of resistance levels waits above 1330, and the price would need a strong momentum to reach the final daily target D H5 – 1333.96. Momentum and price close below 1314.51 could aim for 1307.84 and 1303.39. Today is Friday, and we can expect profit taking so watch out for the indicated breakouts.
W H3 -1.2055 should give another upside boost to the pair.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
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W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
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