Overview:
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,238.23 in an average volume. The price rejected from our Fibonacci retracement 38.2% at the level of 1,272.00, and that is the reason why we saw further bearish bias. Our major Fibonacci expansion 61.8%% is broken, so we may see potential testing the level of 1,218.00 (Fibonacci expansion 161.8%). According to the 4H time frame, we can observe weak supply in a volume just above the average.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,254.78
R2: 1,258.08
R3: 1,263.43
Support levels:
S1: 1,244.08
S2: 1,240.78
S3: 1,235.43
Trading recommendations: Buying looks risky since the price has broke our Fibonacci expansion 61.8%.
The material has been provided by InstaForex Company - www.instaforex.com
