Overview :
Since our last analysis, gold has been trading upwards. As we expected, the price has tested the level of $1,166.41 in a high volume. I have placed Fibonacci retracement to find potential resistance and have got Fibonacci retracemen 61.8% at the price of $1,164.00 (successfully rejected). My advice is to watch for potential selling opportunities after a retracement. If the price breaks the level of $1,150.00 (the long-term support), we may see even $1,047.00 (the long-term support).
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,160.60
R2: 1,164.80
R3: 1,171.60
Support levels :
S1: 1,147.13
S2: 1,142.41
S3: 1,136.37
Trading recommendations: Watch for potential selling opportunities after a retracement.
The material has been provided by InstaForex Company - www.instaforex.com
