Overview :
Since our last analysis, gold has been trading downwards. As we expected, the price has tested the level of $1,146.85 in an ultra volume. Our support at the price of $1,142.00 was successfully tested. According to the 30-minute time frame, we have an ultra high buying climax, so be careful when buying gold. My advice is to watch for potential selling opportunities after a retracement. If the price breaks the level of $1,142.00 in a high volume, we may see a potential testing of the level of $1,138.00 (Fibonacci expansion 100%).
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,156.46
R2: 1,160.64
R3: 1,167.40
Support levels :
S1: 1,142.94
S2: 1,138.62
S3: 1,132.27
Trading recommendations: Watch for potential selling opportunities after a retracement.
The material has been provided by InstaForex Company - www.instaforex.com
