Overview :
Since our last analysis, gold has been trading downward. The price tested the level of 1,209.42 in a volume below the average. Our corrective Fibonacci expansion 100% at the price of 1,209.00 is on the test so be careful when selling gold at this stage. I placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 61.8% at the price of 1,206.00. My advice is to look for buying opportunities near the lows (after retracement). According to the 4H time frame, we can observe supply in a volume below the average. So, selling gold at this stage looks risky, watch for potential buying oppoprtunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,224.21
R2: 1,224.95
R3: 1,226.13
Support levels:
S1: 1,221.85
S2: 1,221.11
S3: 1,219.93
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).
The material has been provided by InstaForex Company - www.instaforex.com
