Since our last analysis, gold has been trading sideways, around the price of 1,242.00, we are still waiting for bullish movement and a possible test of previous swing high at 1,260.00.We can observe lacking of supply and volume leveling off around the price of 1,238.00, which is a good sign that gold may start bullish movement. Since the price has broken in the background the level of 1,254.00, we may expect testing of previous swing high at 1,260.00 and possible testing of major FE 100 % at 1,279.00-1,295.00. Do not forget, gold is in bearish trend and we are now in bullish corrective phase. If our submajor FR61.8 % at 1,244.00 can not hold, we may see testing of major FR 38.2 % around the price of 1,233.00-1,230.00, before another bullish movement. Anyway, selling gold at this stage looks risky since gold is in progress of bullish corrective phase, and we saw volume leveling off in the background. Watch for buying opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,251.64
R2: 1,256.20
R3: 1,263.57
Support levels:
S1: 1,236.90
S2: 1,232.34
S3: 1,224.97
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 sideways, around the price of 1,242.00, we are still waiting for bullish movement and a possible test of previous swing high at 1,260.00.We can observe lacking of supply and volume leveling off around the price of 1,238.00, which is a good sign that gold may start bullish movement. Since the price has broken in the background the level of 1,254.00, we may expect testing of previous swing high at 1,260.00 and possible testing of major FE 100 % at 1,279.00-1,295.00. Do not forget, gold is in bearish trend and we are now in bullish corrective phase. If our submajor FR61.8 % at 1,244.00 can not hold, we may see testing of major FR 38.2 % around the price of 1,233.00-1,230.00, before another bullish movement. Anyway, selling gold at this stage looks risky since gold is in progress of bullish corrective phase, and we saw volume leveling off in the background. Watch for buying opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,251.64
R2: 1,256.20
R3: 1,263.57
Support levels:
S1: 1,236.90
S2: 1,232.34
S3: 1,224.97
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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