Overview :
Since our last analysis, gold has been trading upwards. As we expected,the price has tested the level of $1,223.05. We can observe demand in a high volume on the market. According to a H1 time frame, we have good rejection from the level of $1,212.00, which is a sign that selling gold at this stage looks risky. My advice is to watch for potential buying opportunities. We have a resistance level around the price of $1,235.00 (Fibonacci retracement 38.2%). According to a daily time frame, we have demand in a volume above average.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,214.90
R2: 1,215.56
R3: 1,216.63
Support levels :
S1: 1,212.76
S2: 1,212.10
S3: 1,211.03
Trading recommendations: Watch for potential buying opportunities after a retracement (buy on the dips).
The material has been provided by InstaForex Company - www.instaforex.com
