Overview :
Since our last analysis, gold has been trading upward. The price tested the level of 1,231.79 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 1,255.00-1,265.00 levels. Our Fibonacci retracement 38.2% at the price of 1,218.00 held successfully and caused price to start with upward movement. My advice is to look for buying opportunities near the lows (after retracement). According to the 4H time frame, we can observe demand in a volume above the average. So, selling gold at this stage looks risky, watch for potential buying oppoprtunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,231.62
R2: 1,235.64
R3: 1,242.13
Support levels:
S1: 1,218.64
S2: 1,214.62
S3: 1,208.13
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).
The material has been provided by InstaForex Company - www.instaforex.com
