Gold is up trend over the mid to long term. I placed Fibonacci Expansion levels to find potential end of correction. We got swing A at price 1,920.00, swing B at price 1,521.00, swing C at price 1,795.00 and potential swing D and FE 161.8 % (potential end of correction) at price 1,151.00. Since price broke FE 100% at price 1,397.00, we got confirmation that FE 161.8% is valid target. We can also see from the graph that we got massive volume on previous down move according weekly chart, which is clear sign that we have strong supply on the market. My advice for short-mid term traders is to look for selling opportunities and potential down target at price 1,151.00.
Monthly pivot Fibonacci points:
Resistance levels:
R1 : 1,461.15
R2 : 1,496.41
R3 : 1,553.48
Support levels:
S1 : 1,347.01
S2 : 1,270.91
S3 : 1,254.68
Trading recommendation: Operating with the metal, be careful with mid-term buying and look for selling opportunities. My recommendation for down mid-term target is 1,151.00.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Gold is up trend over the mid to long term. I placed Fibonacci Expansion levels to find potential end of correction. We got swing A at price 1,920.00, swing B at price 1,521.00, swing C at price 1,795.00 and potential swing D and FE 161.8 % (potential end of correction) at price 1,151.00. Since price broke FE 100% at price 1,397.00, we got confirmation that FE 161.8% is valid target. We can also see from the graph that we got massive volume on previous down move according weekly chart, which is clear sign that we have strong supply on the market. My advice for short-mid term traders is to look for selling opportunities and potential down target at price 1,151.00.
Monthly pivot Fibonacci points:
Resistance levels:
R1 : 1,461.15
R2 : 1,496.41
R3 : 1,553.48
Support levels:
S1 : 1,347.01
S2 : 1,270.91
S3 : 1,254.68
Trading recommendation: Operating with the metal, be careful with mid-term buying and look for selling opportunities. My recommendation for down mid-term target is 1,151.00.
The material has been provided by InstaForex Company – www.instaforex.com
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