Overview:
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,182.92 (swing low like support). Anyway, we can observe rejection from the level of 1,182.00 and gold is now in bullish corrective phase . According to the daily chart, we can observe healthy bearish price action, which is a sign that buying still looks very risky. I have placed Fibonacci retracement from the most recenet swing points and I got Fibonacci retracement 38.2% at the price of 1,197.00. According to previous price action, we got resistance level at the price of 1,204.00 (swing low like resistance).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,190.58
R2: 1,.192.56
R3: 1,195.77
Support levels
S1: 1,184.16
S2: 1,182.18
S3: 1,178.97
Trading recommendations: Buying still looks risky since we got strong selling pressure on the market and low reaction from buyers
The material has been provided by InstaForex Company - www.instaforex.com
