Since our previous analysis, gold has been moving downwards. As I expected, the price tested the level of $1,259.26 in a high volume. According to the 4H time frame, I found that strength came in near the level of $1,260.00. My take profit level, Fibonacci expansion 100% at the price of $1,260.50, has been reached. If the price breaks the level of $1,260.00 in a high volume, we may see potential testing of Fibonacci expansion 161.8% at the price of $1,240.00. According to the 1M time frame, I found a volume spike (selling climax) at the price of $1,263.00. A wide spread of the bar is in an ultra-high volume. Professional money bought into public selling. Be careful when selling and watch for buying opportunities on dips. Take profit level is set at the price of $1,267.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,280.20
R2: 1,285.90
R3: 1,295.00
Support levels:
S1: 1,261.00
S2: 1,256.00
S3: 1,246.30
Trading recommendations for today: Be careful when selling gold at this stage and watch for potential buying opportunities on dips.
The material has been provided by InstaForex Company – www.instaforex.com
Since our previous analysis, gold has been moving downwards. As I expected, the price tested the level of $1,259.26 in a high volume. According to the 4H time frame, I found that strength came in near the level of $1,260.00. My take profit level, Fibonacci expansion 100% at the price of $1,260.50, has been reached. If the price breaks the level of $1,260.00 in a high volume, we may see potential testing of Fibonacci expansion 161.8% at the price of $1,240.00. According to the 1M time frame, I found a volume spike (selling climax) at the price of $1,263.00. A wide spread of the bar is in an ultra-high volume. Professional money bought into public selling. Be careful when selling and watch for buying opportunities on dips. Take profit level is set at the price of $1,267.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,280.20
R2: 1,285.90
R3: 1,295.00
Support levels:
S1: 1,261.00
S2: 1,256.00
S3: 1,246.30
Trading recommendations for today: Be careful when selling gold at this stage and watch for potential buying opportunities on dips.
The material has been provided by InstaForex Company – www.instaforex.com
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