Overview :
Since our last analysis, gold has been trading upwards. The price has tested the level of $1,184.04 in a very high volume. According to the 4H timeframe, we can observe that the price broke the lower channel which is a sign of bullish strength. Gold changed its trend's dynamic from bearish to bullish, so be careful when selling. I have placed Fibonacci retracement to find potenteial resistance levels and have got Fibonacci retracement 61.8% at the price of $1,191.00. Watch for potential buying opportunities on the dips.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,175.23
R2: 1,179.57
R3: 1,186.50
Support levels :
S1: 1,161.17
S2: 1,156.83
S3: 1,149.80
Trading recommendations: Watch for potential selling opportunities after a retracement.
The material has been provided by InstaForex Company - www.instaforex.com
