Overview :
Since our last analysis gold has been trading downwards. As we expected, the price tested the level of 1,216.59. According to the H4 time frame, we can see reaction from buyers and test the resistance level at the price of 1,228.00-1,230.00. According to the daily time frame, we have supply in a volume below the average. Major resistance level is still around the price of 1,307.00 (swing high like resistance) and intraday resistance is around the price of 1,230.00-1,252.00. My advice is to watch for potential buying opportunities on the lows (buy on the dips). Anyway, if the price breaks the level of 1,220.00, we may see a possible testing of the level of 1,200.00 before any larger bullish reaction.
Daily Fibonacci pivot points :
Resistance levels :
R1: 1,233.36
R2: 1,247.13
R3: 1,255.56
Support levels :
S1: 1,211.16
S2: 1,202.73
S3: 1,188.96
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).
The material has been provided by InstaForex Company - www.instaforex.com
