Since our last analysis, gold has been trading upwards, the price tested the level of 1,242.70 on average volume.We can also observe that demand has entereted the market at 1,233.80 which caused the price to start small bullish movement. If the price breaks the level of 1,256.00 (FE 61.8) on high volume, we may see testing 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.We may see testing levels around 1,232.00-1,227.00, before another bullish movement. Selling gold at this stage looks risky since gold is in progress of bullish corrective phase, and we saw demand on the high volume in the background.Watch for buying opportunities above the level of 1,256.00.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,243.00
R2: 1,245.26
R3: 1,248.93
Support levels:
S1: 1,235.66
S2: 1,233.40
S3: 1,229.73
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, the
price tested the level of 1,242.70 on average volume.We can also observe that demand has entereted the market at
1,233.80 which caused the price to start small bullish movement. If the price breaks
the level of 1,256.00 (FE 61.8) on high volume, we may see testing 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.We may see testing levels around
1,232.00-1,227.00, before another bullish movement. Selling gold at this stage
looks risky since gold is in progress of bullish corrective phase, and we saw
demand on the high volume in the background.Watch for buying opportunities
above the level of 1,256.00.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,243.00
R2: 1,245.26
R3: 1,248.93
Support levels:
S1: 1,235.66
S2: 1,233.40
S3: 1,229.73
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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