Overview:
Since our last analysis, gold has been trading sideways around the price of 1,230.00. We are facing low volume day and low activity on the market. We are still waiting for larger activity. Our submajor Fibonacci retracement 38.2% at the price of 1,227.00 held successful, so selling gold at this stage looks risky According to the daily time frame, we can observe supply in a volume below average. If the price breaks the level of 1,227.00 in a high volume, we may see testing of Fibonacci retracement 61.8% at the price of 1,210.00. Otherwise, if we see larger bullish reaction from our Fibonacci retracement 38.2%, a bullish continuation phase will be possible.We got first resistance at the price of 1,237.00.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,230.17
R2: 1,230.97
R3: 1,232.27
Support levels
S1: 1,227.57
S2: 1,226.77
S3: 1,225.47
Trading recommendations: Selling gold at this stage looks risky since Fibonacci retracement 38.2% held successful
The material has been provided by InstaForex Company - www.instaforex.com
