Overview :
Since our last analysis gold has been trading sideways around the price of 1,200.00. The price has tested the level of 1,190.63 in an ultra high volume (selling climax) and after that we saw reaction from buyers. We are still waiting for larger activity on the market. Our Fibonacci retracement 61.8% at the price of 1,200.00 is critical for gold and it seems that price cannnot break that area. My advice is to watch for potential buying opportunities.We got resistance level around the price of 1,235.00.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,208.13
R2: 1,212.74
R3: 1,220.27
Support levels :
S1: 1,193.07
S2: 1,188.44
S3: 1,180.87
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).
The material has been provided by InstaForex Company - www.instaforex.com
