Overview :
Since our last analysis gold has been trading upwards. As we expected, the price has tested the level of 1,281.30 in a high volume. Our Fibonacci expansion 161.8% at the price of 1,265.00 got broken, so we may expect testing the level of 1,292.00. According to the H4 time frame, we can observe sideways market around the price of 1,277.00. Be careful when selling gold and watch for potential buying opportunities on the lows. We got support level at the price of 1,266.00 (swing high like support).
Daily pivot Fibonacci points:
R1: 1,281.24
R2: 1,282.70
R3: 1,285.07
Support levels :
S1: 1,276.50
S2: 1,275.04
S3: 1,272.07
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).
The material has been provided by InstaForex Company - www.instaforex.com
