Overview :
Since our last analysis gold has been trading upwards. As we expected, the price has tested the level of 1,221.07 in a high volume. According to the H4 time frame, we can observe rejection from our Fibonacci retracement at the price of 1,200.00. We are still waiting for larger activity on the market. I have placed Fibonacci retracement according to the low point at the price of 1,197.43 and got Fibonacci retracement 38.2% at the price of 1,240.00 and Fibonacci retracement 61.8% at the price of 1,265.00. My advice is to watch for potential buying opportunities on the lows (buy on the dips).
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,209.79
R2: 1,213.61
R3: 1,219.18
Support levels :
S1: 1,197.47
S2: 1,193.59
S3: 1,187.40
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).
The material has been provided by InstaForex Company - www.instaforex.com
