Since our last analysis, Gold has been trading upwards, the price tested the level of 1,202.00 on average volume. According to the 1H chart, Gold has started bullish corrective phase, so we placed Fibonacci expansion to find the levels for potential end of the bullish corrective phase. We got FE 61.8 % at 1,205.22, FE 100 % at 1,213.15, and FE 161.8 % at price 1,225.97. We can also see lack of demand around area of 1,205.00 which is a good sign that we may see bearish continuation from 1,205.00. Anyway, if price breaks the area of 1,206.00 on high volume, we may see testing of FE 100 % at price 1,213.15 before we start with bearish continuation. Don’t forget, Gold is in bearish trend so buying looks very risky. Watch for selling opportunities after the bullish corrective phase ends.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,203.54
R2: 1,206.66
R3: 1,211.70
Support levels:
S1: 1,193.46
S2: 1,190.34
S3: 1,185.30
Trading recommendation: Trading the metal, be careful with short-term buying and look for selling opportunities after the bullish corrective phase ends.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, Gold has been trading upwards, the price tested the level of 1,202.00 on average volume. According to the 1H chart, Gold has started bullish corrective phase, so we placed Fibonacci expansion to find the levels for potential end of the bullish corrective phase. We got FE 61.8 % at 1,205.22, FE 100 % at 1,213.15, and FE 161.8 % at price 1,225.97. We can also see lack of demand around area of 1,205.00 which is a good sign that we may see bearish continuation from 1,205.00. Anyway, if price breaks the area of 1,206.00 on high volume, we may see testing of FE 100 % at price 1,213.15 before we start with bearish continuation. Don’t forget, Gold is in bearish trend so buying looks very risky. Watch for selling opportunities after the bullish corrective phase ends.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,203.54
R2: 1,206.66
R3: 1,211.70
Support levels:
S1: 1,193.46
S2: 1,190.34
S3: 1,185.30
Trading recommendation: Trading the metal, be careful with short-term buying and look for selling opportunities after the bullish corrective phase ends.
The material has been provided by InstaForex Company – www.instaforex.com
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