Overview :
Since our last analysis, gold has been trading upward. As we expected, the price tested the level of 1,198.92 in a high volume. Our Fibonacci retracement 61.8% at the price of 1.172.00 has been held successfully, which caused price to start with an upward movement. According to the H1 time frame, we can observe demand in an ultra high volume (buying climax). My advice is to watch for potential buying opportunities near the lows. According to the daily time frame, the price went from neutral to bullish. I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the price of 1,196.00 (currently on the test) and Fibonacci retracement 61.8% at the price of 1,212.00.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,178.94
R2: 1,180.87
R3: 1,182.84
Support levels:
S1: 1,175.04
S2: 1,173.07
S3: 1,171.14
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).
The material has been provided by InstaForex Company - www.instaforex.com
