Since our last analysis, gold has been trading downward. The price tested the level of 1,209.42 in a volume below the average. Our corrective Fibonacci expansion 100% at the price of 1,209.00 is on the test so be careful when selling gold at this stage. I placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 61.8% at the price of 1,206.00. My advice is to look for buying opportunities near the lows (after retracement). According to the 4H time frame, we can observe supply in a volume below the average. So, selling gold at this stage looks risky, watch for potential buying oppoprtunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,224.21
R2: 1,224.95
R3: 1,226.13
Support levels:
S1: 1,221.85
S2: 1,221.11
S3: 1,219.93
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 downward. The price tested the level
of 1,209.42 in a volume below the average. Our corrective Fibonacci
expansion 100% at the price of 1,209.00 is on the test so be careful
when selling gold at this stage. I placed Fibonacci retracement
to find potential support levels and got Fibonacci retracement
61.8% at the price of 1,206.00. My advice is to look for buying
opportunities near the lows (after retracement). According to the 4H
time frame, we can observe supply in a volume below the average. So,
selling gold at this stage looks risky, watch for potential buying
oppoprtunities.
Daily pivot
Fibonacci points:
Resistance
levels:
R1: 1,224.21
R2: 1,224.95
R3: 1,226.13
Support
levels:
S1: 1,221.85
S2: 1,221.11
S3: 1,219.93
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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