Overview :
Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,192.42 in a high volume. According to the daily time frame, we can observe a supply in a volume above the average. Our Fibonacci retracement 38.2% at the price of $1,194.00 is on the test. If the price breaks the level of $1,192.00, we may see possible testing of the level of $1,179.00-$1,173.00. The short-term trend is bearish. Watch for potential selling opportunities after retracements.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,210.10
R2: 1,213.66
R3: 1,219.43
Support levels :
S1: 1,198.56
S2: 1,195.00
S3: 1,189.25
Trading recommendations: Be careful when buying gold at this stage. Sell after retracmeents.
The material has been provided by InstaForex Company - www.instaforex.com
