Overview :
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,187.51 in a high volume. According to the daily time frame, we can observe a supply in a volume above the average. The price broke our Fibonacci retracement 38.2% ($1,194.00). We may see potential testing at $1,177.00-$1,174.00. The short-term trend is bearish. Be careful when buying and watch for potential selling opportunities after retracement (correction).
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,207.04
R2: 1,214.77
R3: 1,220.00
Support levels :
S1: 1,193.85
S2: 1,188.56
S3: 1,180.80
Trading recommendations: Be careful when buying gold at this stage. Sell after retracmeents.
The material has been provided by InstaForex Company - www.instaforex.com
