Overview :
Since our last analysis, gold has been trading upwards. As we expected, the price has tested the level of $1,191.54 in an average volume. According to the 4H timeframe, we can observe that the price broke the lower channel which is a sign of bullish strength. Gold changed its trend's dynamic from bearish to bullish, so be careful when selling. Our submajor Fibonacci retracement 61.% at the price of $1,191.00 is on the test. If the price breaks the level of $1,191.00, we may see potential testing the level of $1,205.00 (major Fibonacci retracement 38.2%). Above $1,191.00, watch for potential buying opportunities on the dips.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,190.51
R2: 1,193.43
R3: 1,198.17
Support levels :
S1: 1,181.03
S2: 1,178.11
S3: 1,173.837
Trading recommendations: Watch for potential buying opportunities after a retracement.
The material has been provided by InstaForex Company - www.instaforex.com
