Overview:
Gold has been trading downwards. The price tested the level of $1,185.62 in an ultra-high volume (selling climax). In the daily time frame, we can observe a strong bearish bar. Our trading range between the levels of $1,205.00 and $1,198.00 was finally broken and that is the reason for downward movement. Fibonacci retracement 61.8% at $1,205.00 held successfully. Anyway, selling at this stage looks risky because we got major support around $1,168.88 - $1,162.00. The short-term trend is bearish. Watch for bearish opportunities if the price breaks major support.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,200.00
R2: 1,201.00
R3: 1,202.00
Support levels:
S1: 1,197.00
S2: 1,196.00
S3: 1,194.00
Trading recommendations: Our trading range between the levels of $1,205.00 and $1,198.00 was finally broken. Sellers are in control on the market.
The material has been provided by InstaForex Company - www.instaforex.com