Overview :
Since our last analysis gold has been trading downwards. The price has tested the level of 1,190.63 in an ultra high volume (selling climax). According to the 30M time frame, we can observe supply in an ultra high volume (selling climax) in the background, which is a sign that selling gold at this stage looks risky. We are still waiting for larger activity on the market. According to the monthly time frame, we have critical support at the price of 1,130.00 (Fibonacci expansion 161.8%). My advice is to watch for potential buying opportunities on the lows (buy on the dips). Any larger demand in an ultra high volume may confirm further bullish movemement.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,203.13
R2: 1,203.77
R3: 1,204.80
Support levels :
S1: 1,201.07
S2: 1,200.43
S3: 1,199.40
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).
The material has been provided by InstaForex Company - www.instaforex.com
