Overview :
Since our last analysis, gold has been trading upwards. The price tested the level of $1,205.37 in a high volume. According to the daily time frame, we can observe a supply in an average volume. Our Fibonacci retracement 38.2% at the level of $1,194.00 held successfully and that is the reason behind an upward movement. I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 38.2% at the level of $1,204.00 (on the test) and Fibonacci retracement 61.8% at the level of $1,212.00. The short-term trend is neutral. Be careful when buying gold at this stage.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,200.59
R2: 1,203.17
R3: 1,207.33
Support levels :
S1: 1,192.27
S2: 1,189.69
S3: 1,185.53
Trading recommendations: Be careful when buying gold at this stage. Sell after retracmeents.
The material has been provided by InstaForex Company - www.instaforex.com
