Overview :
Since our last analysis, gold has been trading upwards. As we expected, the price has tested the level of $1,223.21 in a high volume. According to the daily time frame, we can observe weak demand in a volume below average. According to the lower time frames, we can observe buying climax (hidden selling) around the level of $1,221,00. So, be careful when buying gold at this stage. Our Fibonacci expansion 100% at $1,225.00 is almost tested. We got buying climax (hidden selling) according to the lower time frames, so buying gold at this stage looks risky. Support level is around $1,208.00.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,218. 05
R2: 1,218.95
R3: 1,220.33
Support levels :
S1: 1,215.15
S2: 1,214.25
S3: 1,212.80.
Trading recommendations: Be careful when buying gold at this stage since our Fibonacci expansion 100% is almost tested.
The material has been provided by InstaForex Company - www.instaforex.com
