Since our last analysis, gold has been trading downwards, as we expected, the price tested the level of 1,269.85 on high volume. If we take a look at 4H timeframe, we can observe that support level at the price of 1,277.00 got broken. We can also observe weak demand in the background, which caused price to start moving downwards. According to the short-term prospective, gold is in progress of major bearish corrective phase and I’ve placed Fibonacci retracement to find the first down station. I got Fibonacci retracement 61.8% at the price of 1,263.00. My advice is to watch for selling opportunities after retracement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,287.79
R2: 1,289.67
R3: 1,292.73
Support levels:
S1: 1,281.67
S2: 1,279.79
S3: 1276.73
Trading recommendation: Trading the metal, be careful with short-term buying at this stage since gold is in progress of major bearish corrective phase. Watch for selling opportunities after retracement.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last
analysis, gold has been trading downwards, as we expected, the price tested the
level of 1,269.85 on high volume. If we take a look at 4H timeframe, we can
observe that support level at the price of 1,277.00 got broken. We can also
observe weak demand in the background, which caused price to start moving downwards.
According to the short-term prospective, gold is in progress of major bearish
corrective phase and I’ve placed Fibonacci retracement to find the first down
station. I got Fibonacci retracement 61.8% at the price of 1,263.00. My advice
is to watch for selling opportunities after retracement.
Daily pivot Fibonacci
points:
Resistance levels:
R1: 1,287.79
R2: 1,289.67
R3: 1,292.73
Support levels:
S1: 1,281.67
S2: 1,279.79
S3: 1276.73
Trading recommendation: Trading the metal, be careful with
short-term buying at this stage since gold is in progress of major bearish
corrective phase. Watch for selling opportunities after retracement.
The material has been provided by InstaForex Company – www.instaforex.com
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