Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of 1,218.27 in a high volume. According to the 4H time frame, we can observe that strong demand has entered the market, which is a sign that selling gold at this stage looks risky. I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1,201.00 and Fibonacci retracement 61.8% at the price of 1,189.00. Be careful when selling gold and watch for potential buying opportunities on the lows. Yesterday we got weak supply, which casued price to start with upward movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,214.64
R2: 1,217.62
R3: 1,222.43
Support levels:
S1: 1,205.02
S2: 1,202.04
S3: 1,197.23
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
:
Since
our last analysis, gold has been trading upwards. As we expected, the
price tested the level of 1,218.27 in a high volume. According to the
4H time frame, we can observe that strong demand has entered the
market, which is a sign that selling gold at this stage looks risky.
I have placed Fibonacci retracement to find potential support levels
and I got Fibonacci retracement 38.2% at the price of 1,201.00 and
Fibonacci retracement 61.8% at the price of 1,189.00. Be careful when
selling gold and watch for potential buying opportunities on the
lows. Yesterday we got weak supply, which casued price to start with
upward movement.
Daily
pivot Fibonacci points:
Resistance
levels:
R1:
1,214.64
R2:
1,217.62
R3:
1,222.43
Support
levels:
S1:
1,205.02
S2:
1,202.04
S3:
1,197.23
Trading
recommendations: Watch for potential buying opportunities after
retracement (buy on the lows).
The material has been provided by InstaForex Company – www.instaforex.com
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