Overview :
Since our last analysis, gold has been trading upwards. As we expected, the price rejected from the level of 1,149.00 and tested the level of 1,173.11 in an average volume. I have placed Fibonacci retracmeent from the most recent swings to find potential support levels. I got Fibonacci retracment 61.8% at the price of 1.149.00 (successful held). We also got support level at the price of 1,160.00 (currently on the test). Be careful when selling gold and watch for potential buying opportunities. If the price breaks the level of 1,179.00 in a high volume and strong price action, we may see possible testing the level of 1,207.00.
Daily pivot Fibonacci points:
Resistance levels:
R1:1,170.64
R2: 1,177.02
R3: 1,187.33
Support levels:
S1: 1,150.02
S2: 1,143.64
S3: 1,133.33
Trading recommendations: Selling gold at this stage looks risky since we got strong rejection from Fibonacci retracmeent 61.8%.
The material has been provided by InstaForex Company - www.instaforex.com
