Overview :
Since our last analysis, gold has been trading upwards. As we expected, the price has tested the level of $1,219.51 in an ultra high volume. According to the 4H time frame, we can observe demand in an ultra high volume (buying climax) which is a sign that buying looks risky. The price rejected from our major Fibonacci retracement 38.2% ($1,205.00). If the price breaks the level of %1,220.00, we may see potential testing of the level of $1,244.00. Support level is around the price of $1,200.00.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,199.94
R2: 1,202.29
R3: 1,207.33
Support levels :
S1: 1,189.09
S2: 1,185.97
S3: 1,180.93
Trading recommendations: Be careful when buying gold at this stage since the price rejected from our Fibonacci retracement 38.2%
The material has been provided by InstaForex Company - www.instaforex.com
