Overview:
Since our last analysis, gold has been trading sideways. We are facing a very quiet day and very low activity. We are still waiting for larger movement and larger volume (activity). According to the Daily time frame, we can observe another weak demand candle and successful rejection from our Fibonacci retracement 61.8%, which is a sign that buying looks risky. Anyway, if the price breaks the level of 1,321.00 in a higher volume, we may see the level of 1,343.00 is being tested. My advice is to watch for selling opportunities after retracement. I have placed Fibonacci expansion from most recent ABC swings and I got Fibonacci expansion 100% at the price of 1,318.00. According to the 4H timeframe, we can observe indecision candle in an ultra high volume.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,320.34
R2: 1,323.12
R3: 1,327.63
Support levels:
S1: 1,311.33
S2: 1,308.54
S3: 1,304.03
Trading recommendations: Buying Gold looks risky since we got successful rejection from our Fibonacci retracement 61.8%.
The material has been provided by InstaForex Company - www.instaforex.com
