Overview :
Since our last analysis, gold has been trading upwards. The price tested the level of 1,181.95 in an ultra high volume according to the daily time frame. Since the price has broke 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 in the further period. According to the 4h time frame, we can observe buying climax in the background and testing of our Fibonacci expansion 100% at the price of 1,191.00 My advice is to watch for potential buying opoprtunities on the lows.
Daily pivot Fibonacci points:
Resistance levels:
R1:1,185.45
R2: 1,186.73
R3: 1,188.83
Support levels:
S1: 1,181.23
S2: 1,179.93
S3: 1,177.83
Trading recommendations: Selling gold at this stage looks risky since the price has broken the level of 1,179.00.
The material has been provided by InstaForex Company - www.instaforex.com
