Overview :
Since our last analysis, gold has been trading downwards. The price has tested the level of $1,197.00 in a volume below the average. Our major Fibonacci retracement 61.8% at the price of $1,197.00 is again on the test. According to the 1H time frame, we can observe support (cluster) around the price of $1,197.00.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: 1,206.96
R2: 1,213.03
R3: 1,217.66
Support levels :
S1: 1,196.26
S2: 1,191.63
S3: 1,185.56
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
