Overview :
Since our last analysis, gold has been trading upwards. As we expected, the price has tested the level of $1,196.03 in an average volume. According to the 4H timeframe, the price broke the lower channel. That 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 broken. Our next resistance level is seen around the price of $1,205.00 (major Fibonacci retracement 38.2%). Watch for potential buying opportunities on the dips.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,193.94
R2: 1,196.26
R3: 1,200.17
Support levels :
S1: 1,186.46
S2: 1,184.14
S3: 1,184.40
Trading recommendations: Watch for potential buying opportunities after a retracement.
The material has been provided by InstaForex Company - www.instaforex.com
