Overview :
Since our last analysis gold has been trading upwards. As we expected, the price has tested the level of 1,260.70 in a high volume. Weak supply from yesterday caused price to continue with upward movement. According to the H4 time frame, we can observe demand in a high volume on the market, which is a sign that selling gold at this stage looks risky. Our Fibonacci expansion 161.8% around the price of 1,265.00 is on the test. Be careful when selling gold and watch for potential buying opportunities on the lows. We got support level at the price of 1,244.00 (swing high like support).
Daily pivot Fibonacci points:
Resistance levels :
R1: 1,244.44
R2: 1,254.37
R3: 1,264.14
Support levels :
S1: 1,224.74
S2: 1,214.97
S3: 1,205.04
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).
The material has been provided by InstaForex Company - www.instaforex.com
