Overview :
Since our last analysis, gold has been trading sideways around the price of $1,205.00. Our Fibonacci retracement 61.8% at the price of $1,202.00 is on the test. According to the 4H time frame, we can observe low volatility. 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 the daily time frame, we have a weak supply bar in a volume below the average.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,212.03
R2: 1,216.71
R3: 1,224.627
Support levels :
S1: 1,196.91
S2: 1,192.93
S3: 1,184.67
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
