Overview :
Since our last analysis, gold has been trading sideways around the price of $1,210.00. We can observe demand in a high volume on the market. According to a 30-minute time frame, we got a selling climax and an absorption volume in the background, which is a sign that selling gold at this stage looks risky. My advice is to watch for potential buying opportunities. We have a resistance level around the price of 1,235.00 (Fibonacci retracement 38.2%). According to a daily time frame, we got demand in a volume above average.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,218.86
R2: 1,227.63
R3: 1,235.36
Support levels :
S1: 1,202.36
S2: 1,194.63
S3: 1,185.86
Trading recommendations: Watch for potential buying opportunities after a retracement (buy on the dips).
The material has been provided by InstaForex Company - www.instaforex.com
