Overview :
Since our last analysis gold has been trading upwards. As we expected, the price tested the level of 1,243.97 in a volume above the average. According to the H4 time frame, we can observe demand on the market, which is a sign that selling gold at this stage looks risky. We may expect testing the levels of 1,255.00-1,265.00. Be careful when selling gold and watch for potential buying opportunities on the lows.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,235.84
R2: 1,240.20
R3: 1,247.27
Support levels:
S1: 1,221.70
S2: 1,217.37
S3: 1,210.10
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).
The material has been provided by InstaForex Company - www.instaforex.com
