Since our previous analysis, gold has been trading upwards. As I expected, the tested level of $1,333.70 is in a low volume. My upward target at $1,332.00 has been reached. Anyway, the price went into bearish correction from the $1,333.70 level. I placed Fibonacci retracement to find the potetential end of downward correction and I got Fibonacci retracement 50% at the price of $1,322.00 and found support cluster at the price of $1,321.60. Watch for buying opportunities. Take profit level is set at the price of $1,333.70.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,330.60
R2: 1,334.60
R3: 1,341.00
Support levels:
S1: 1,317.90
S2: 1,313.95
S3: 1,307.60
Trading recommendations for today: selling looks risky, watch for buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Since our previous analysis, gold has been trading upwards. As I expected, the tested level of $1,333.70 is in a low volume. My upward target at $1,332.00 has been reached. Anyway, the price went into bearish correction from the $1,333.70 level. I placed Fibonacci retracement to find the potetential end of downward correction and I got Fibonacci retracement 50% at the price of $1,322.00 and found support cluster at the price of $1,321.60. Watch for buying opportunities. Take profit level is set at the price of $1,333.70.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,330.60
R2: 1,334.60
R3: 1,341.00
Support levels:
S1: 1,317.90
S2: 1,313.95
S3: 1,307.60
Trading recommendations for today: selling looks risky, watch for buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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