Overview :
Since our last analysis gold has been trading upwards. As we expected, the price has tested the level of 1,211.71 in an average volume. We can observe successful rejection from our Fibonacci retracement 61.8% at the price of 1,200.00. Our Fibonacci retracement 61.8% at the price of 1,200.00 is critical for gold and it seems that the price cannnot break that area. My advice is to watch for potential buying opportunities.We have resistance level around the price of 1,235.00 (Fibonacci retracement 38.2%). According to the 4H time frame, we can observe demand in an ultra high volume on the background.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,202.73
R2: 1,206.13
R3: 1,211.63
Support levels :
S1: 1,191.73
S2: 1,188.33
S3: 1,182.83
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).
The material has been provided by InstaForex Company - www.instaforex.com
