Recently, gold has been trading downwards. The price tested the level of $1,197.39. On the 30M time frame, I found strong Fibonacci resistance levels near the price of $1,204.50. There is corrective Fibonacci expansion 100% and Fibonacci retracement 38.2%. My advice is to watch for potential selling opportunities. Stochastic seems to be overbought, which is a sign that gold may go lower. I placed Fibonacci expansion to find potential downward objective points. I got Fibonacci expansion 61.8% at the price of $1,194.20 and Fibonacci expansion 100% at the price of $1,187.45.
Resistance levels:
R1: 1,214.15
R2: 1,216.65
R3: 1,221.30
Support levels:
S1: 1,205.85
S2: 1,202.50
S3: 1,198.10
Trading recommendations for today: watch for selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Recently, gold has been trading downwards. The price tested the level of $1,197.39. On the 30M time frame, I found strong Fibonacci resistance levels near the price of $1,204.50. There is corrective Fibonacci expansion 100% and Fibonacci retracement 38.2%. My advice is to watch for potential selling opportunities. Stochastic seems to be overbought, which is a sign that gold may go lower. I placed Fibonacci expansion to find potential downward objective points. I got Fibonacci expansion 61.8% at the price of $1,194.20 and Fibonacci expansion 100% at the price of $1,187.45.
Resistance levels:
R1: 1,214.15
R2: 1,216.65
R3: 1,221.30
Support levels:
S1: 1,205.85
S2: 1,202.50
S3: 1,198.10
Trading recommendations for today: watch for selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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