Overview :
Since our last analysis, gold has been trading downwards. As we expected, the price has tested the level of $1,142.59 in an ultra volume. Our support at the price of $1,142.00 was successfully tested. We can observe buying climax according to the 4H time frame. According to the 5-minute time frame, we have an ultra high buying climax and very weak demand later what is a sign that professional may sell gold at this stage. My advice is to watch for potential selling opportunities after a retracement. If the price breaks the level of $1,142.00 in a high volume, we may see a potential testing the level of $1,138.00 (Fibonacci expansion 100%).
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,160.62
R2: 1,163.62
R3: 1,169.27
Support levels :
S1: 1,149.92
S2: 1,146.62
S3: 1,141.27
Trading recommendations: Watch for potential selling opportunities after a retracement.
The material has been provided by InstaForex Company - www.instaforex.com
