Since our last analysis gold has been trading downwards. The price has tested the level of 1,255.32 in a volume below the average. According to the H4 time frame, we got very high effort from sellers with very weak result, which is a sign that selling around the price of 1,255.00 looks risky. Our submajor Fibonacci retracement 38.2% at the price of 1,254.00 has been held successfully again. Anyway, if the price breaks the level of 1,254.00 in a strong volume, we may see a possible testing of the level of 1,240.00 (Fibonacci expansion 161.8%). Resistance level is around the price of 1,307.00 (swing high like resistance). My advice is to watch for potential buying opportunities on the lows (buy on the dips).
Daily Fibonacci pivot points :
Resistance levels :
R1: 1,279.26
R2: 1,286.50
R3: 1,298.23
Support levels :
S1: 1,255.80
S2: 1,248.56
S3: 1,236.83
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).
The material has been provided by InstaForex Company – www.instaforex.com
Overview :
Since our last analysis gold has been trading downwards. The price has tested the level of 1,255.32 in a volume below the average. According to the H4 time frame, we got very high effort from sellers with very weak result, which is a sign that selling around the price of 1,255.00 looks risky. Our submajor Fibonacci retracement 38.2% at the price of 1,254.00 has been held successfully again. Anyway, if the price breaks the level of 1,254.00 in a strong volume, we may see a possible testing of the level of 1,240.00 (Fibonacci expansion 161.8%). Resistance level is around the price of 1,307.00 (swing high like resistance). My advice is to watch for potential buying opportunities on the lows (buy on the dips).
Daily Fibonacci pivot points :
Resistance levels :
R1: 1,279.26
R2: 1,286.50
R3: 1,298.23
Support levels :
S1: 1,255.80
S2: 1,248.56
S3: 1,236.83
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).
The material has been provided by InstaForex Company – www.instaforex.com
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