Overview :
Since our last analysis, gold has been trading upwards. As we expected, the price was tested and rejected from the level of 1,186.03. It tested the level of 1,212.19 in an average volume. Our Fibonacci expansion 100% at the price of 1,186.00 held successfully, which caused the price to start with upward movement. My advice is to look for buying opportunities near the lows (after retracement). We got resistance level at the price of 1,220.00 (swing high like resistance). According to the 4H time frame, we finished the bearish corrective phase abcd. We have absorption volume in the background. If the price breaks the level of 1,220.00 in a high volume and strong price action, we may see potential testing the level of 1,255.48.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,205.57
R2: 1,210.77
R3: 1,219.17
Support levels:
S1: 1,188.77
S2: 1,183.57
S3: 1,175.17
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).
The material has been provided by InstaForex Company - www.instaforex.com
