Overview :
Since our last analysis, gold has been trading sideways around the price of $1,196.00. Our major Fibonacci retracement 61.8% at the price of $1,197.00 is on the test again. According to the H1 time frame, we can observe support (cluster) around the price of $1,197.00 (potential accumulation phase). My advice is to watch for potential buying opportunities. We have a resistance level around the price of $1,208.00 and $1,235.00 (Fibonacci retracement 38.2%). According to the daily time frame, we have a weak supply bar in a volume below the average.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,205.30
R2: 1,208.40
R3: 1,213.40
Support levels :
S1: 1,195.30
S2: 1,192.20
S3: 1,187.20
Trading recommendations: Watch for potential buying opportunities after a retracement (buy on the dips).
The material has been provided by InstaForex Company - www.instaforex.com
