Overview :
Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of 1,238.09 in a volume above the average. Our Fibonacci expansion 100% at the price of 1,186.00 is broken so we may expect potential testing of the level of 1,255.00-1,265.00. My advice is to look for buying opportunities near the lows (after retracement). According to the 4H time frame, we finished the bearish corrective phase abcd, and we can observe a weak supply on the market.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,238.59
R2: 1,247.91
R3: 1,263.00
Support levels:
S1: 1,208.41
S2: 1,199.09
S3: 1,184.00
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).
The material has been provided by InstaForex Company - www.instaforex.com
