Overview :
Since our last analysis, gold has been trading upwards. The price has tested the level of $1,177.64 in an ultra volume (buying climax). According to the 1H time frame, we have an ultra-high buying climax and a definite sign of weakness, so be careful when buying gold. My advice is to watch for potential selling opportunities after retracement. I have placed Fibonacci expansion to find potential support levels and I got Fibonacci expansion 61.8% at the price of $1,162.00.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,169.30
R2: 1,187.30
R3: 1,199.50
Support levels :
S1: 1,139.10
S2: 1,126.90
S3: 1,108.90
Trading recommendations: Watch for potential selling opportunities after a retracement.
The material has been provided by InstaForex Company - www.instaforex.com
