Overview :
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,185.49. According to the daily time frame, we can can observe low activity on the market. Our Fibonacci retracement 61.8% at the price of 1,208.00 is still valid. If the price breaks the level of 1,208.00 in a high volume and healthy price action, we may see futher bullish movement. Otherwise, we may see testing the level of 1,179.00 (Fibonacci retracement 61.8%). Be careful when buying gold at this stage since our Fibonacci retracement is still active.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,200.57
R2: 1,202.23
R3: 1,204.90
Support levels:
S1: 1,195.23
S2: 1,193.57
S3: 1,190.90
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).
The material has been provided by InstaForex Company - www.instaforex.com
