Since our last analysis, gold has been trading upwards, as we expected, the price tested the level of 1,254.79 on average volume. The price tested our upper station target around the level of 1,248.00 . We can alsoВ observe that strong demand entereted market at 1,223.00 and 1,230.00, which is a sign that selling at this stage looks risky. If the price breaks the level of 1,256.00 (FE 61.8) on high volume, we may see testing of next upper stations at 1,279.00 and 1,295.00.Do not forget, gold is in bearish trend and we are now in bullish corrective phase. In case that the price starts smaller bearish movement, we may see testing of levels around 1,237.00-1,227.00 before another bullish movement. Selling gold at this stage looks risky since gold is in progress of bullish corrective phase. Watch for buying opportunities above the level of 1,256.00.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,249.55
R2: 1,250.29
R3: 1,251.47
Support levels:
S1: 1,247.19 В
S2: 1,246.45
S3: 1,245.27
Trading recommendation: Trading the metal, be careful with selling gold and try to catch bullish corrective phase.
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 1,254.79 on average volume. The price
tested our upper station target around the level of 1,248.00 . We can alsoВ observe that strong demand entereted market
at 1,223.00 and 1,230.00, which is a sign that selling at this stage looks
risky. If the price breaks the level of 1,256.00 (FE 61.8) on high volume, we may see
testing of next upper stations at 1,279.00 and 1,295.00.Do not forget, gold is
in bearish trend and we are now in bullish corrective phase. In case that the price
starts smaller bearish movement, we may see testing of levels around 1,237.00-1,227.00
before another bullish movement. Selling gold at this stage looks risky since
gold is in progress of bullish corrective phase. Watch for buying opportunities
above the level of 1,256.00.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,249.55
R2: 1,250.29
R3: 1,251.47
Support levels:
S1: 1,247.19 В
S2: 1,246.45
S3: 1,245.27
Trading
recommendation: Trading the metal, be careful with selling gold and try to catch
bullish corrective phase.
The material has been provided by InstaForex Company – www.instaforex.com
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