Overview :
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,174.90 in a very high volume. According to the daily time frame, we can observe supply in a volume above average, which is a sign that we may see possible bearish movement. I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1,176.00 (currently on the test) and Fibonacci retracement 61.8% at the price of 1,160.00 Anyway, my advice is to watch for potential buying opportunities after a bearish corrective phase (buy on the low).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,200.45
R2: 1,207.01
R3: 1,217.63
Support levels:
S1: 1,179.21
S2: 1,172.65
S3: 1,162.03
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).
The material has been provided by InstaForex Company - www.instaforex.com
