Overview :
Since our last analysis gold has been trading upwards. As we expected, the price has tested the level of 1,219.18 in a volume above the average. We can observe successful rejection from our Fibonacci retracement 61.8% at the price of 1,200.00 and it caused price to start with upward movement. My advice is to watch for potential buying opportunities.We have resistance level around the price of 1,235.00 (Fibonacci retracement 38.2%). According to the 4H time frame, we can observe demand in a volume above the average and successful rejection form intraday Fibonacci retracement 38.2% at the price of 1,203.00.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,208.83
R2: 1,211.43
R3: 1,215.63
Support levels :
S1: 1,200.73
S2: 1,197.33
S3: 1,193.63
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).
The material has been provided by InstaForex Company - www.instaforex.com
