Overview :
Since our last analysis, gold has been trading sideways around the price of 1,161.00. I have placed Fibonacci expansion from the most recent swings to find potential support levels. I got Fibonacci expansion 61.8% at the price of 1.153.00 (successful held). According to the 4H time frame, we can observe strong reaction from buyers (buying climax) around the level of 1,153.00. 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:
R1:1,166.60
R2: 1,169.64
R3: 1,174.57
Support levels:
S1: 1,156.74
S2: 1,153.70
S3: 1,148.77
Trading recommendations: Selling gold at this stage looks risky since we got strong rejection from Fibonacci expansion 61.8%.
The material has been provided by InstaForex Company - www.instaforex.com
