Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of 1,273.23 in a volume below the average according to the 4H time frame. The price almost tested our Fibonacci expansion 100% at the level of 1,258.00, so be careful when selling at this stage. If the price breaks the level of 1,258.00, we may see more downward movement. Anyway, Gold is now in bullish corrective phase so I have placed Fibonacci retracement from the most recenet downward leg and I got Fibonacci retracement 38.2% at the price of 1,274.50 (currently is being testing) and Fibonacci retracement 61.8% at the price of 1,283.00.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,272.21
R2: 1,274.69
R3: 1,278.70
Support levels:
S1: 1,264.19
S2: 1,261.71
S3: 1,257.70
Trading recommendations: Watch for potential selling opportunities after retracement.
The material has been provided by InstaForex Company - www.instaforex.com
