Overview :
Since our last analysis gold has been trading downwards. The price has tested the level of 1,202.32 in a volume below the average. According to the H4 time frame, we can test our Fibonacci retracement 61.8% at the price of 1,198.00 got almost tested. We are still waiting for larger activity on the market. Major resistance level is still around the price of 1,307.00 (swing high like resistance). Intraday resistance is at the price of 1,216.00 (swing low like resistance). According to the 30 minutes time frame, we can observe supply in an ultra high volume (selling climax), which is a sign that selling looks risky. My advice is to watch for potential buying opportunities on the lows (buy on the dips).
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,228.96
R2: 1,236.84
R3: 1,249.60
Support levels :
S1: 1,203.44
S2: 1,195.96
S3: 1,182.80
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).
The material has been provided by InstaForex Company - www.instaforex.com
