Overview :
Since our last analysis, gold has been trading downward. The price tested the level of 1,217.56 in a volume below the average. Our Fibonacci expansion 100% at the price of 1,186.00 is broken so we may expect potential testing of the level of 1,255.00-1,265.00. Gold is now in a bearish corrective phase, so I have placed Fibonacci retracement levels to find potential support levels. I got Fibonacci retracement 38.2% at the price of 1,218.00 (on the test) and Fibonacci retracement 61.8% at the price of 1,206.00. My advice is to look for buying opportunities near the lows (after retracement). According to the 4H time frame, we can observe supply in an average volume.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,236.40
R2: 1,239.64
R3: 1,244.87
Support levels:
S1: 1,225.94
S2: 1,122.70
S3: 1,217.47
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).
The material has been provided by InstaForex Company - www.instaforex.com
