Overview :
Since our last analysis, gold has been trading downwards. The price has tested the level of $1,195.27. We can observe a successful rejection from our Fibonacci retracement 61.8% at the price of $1,203.00. According to the 30M time frame, we have absorption volume in the background, 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 the average.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,218.98
R2: 1,223.42
R3: 1,230.60
Support levels :
S1: 1,204.62
S2: 1,200.18
S3: 1,193.03
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
