Overview:
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,292.37 in an ultra high volume according to the 4H timeframe. According to the daily time frame, we can observe strong supply in the background and successful rejection from our Fibonacci retracement 61.8%, which is a sign that buying looks risky. 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 61.8% at the price of 1,284.00 (almost got tested).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,303.84
R2: 1,304.22
R3: 1,304.83
Support levels:
S1: 1,302.62
S2: 1,302.24
S3: 1,301.63
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
