Overview :
Since our last analysis, gold has been trading sideways around the price of 1,192.00. We are waiting for a larger activity on the market and stronger price action. 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 H4 time frame, we can observe weak supply. My advice is to watch for potential buying opportunities near the lows. According to the daily time frame, we can observe low activity today. 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: 1,195.72
R2: 1,196.28
R3: 1,197.20
Support levels:
S1: 1,193.88
S2: 1,193.32
S3: 1,192.40
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).
The material has been provided by InstaForex Company - www.instaforex.com
