Overview:
Since our last analysis, gold has been trading sideways, around the the price of 1,316.00, we are still waiting for larger volume and price action. As you can see in the graph, the price has broken our Fibonacci expansion 100% at the price of 1,305.00, so we may see possible testing the level of 1,334.00 (Fibonacci expansion 161.8%). According to the daily timeframe, we can observe another indecision bar on volume above the average, which is a sign that buying at this stage looks risky. Be careful with buying, since we may see potential bearish correction. According to the previous price action, we got a support level at the price of 1,300.00 (Fibonacci retracement 38.2%). According to the 4H timeframe, we can observe supply on volume just below the averate, which is good sign that we may see possible bearish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,320.07
R2: 1,323.33
R3: 1,328.60
Support levels:
S1: 1,309.53
S2: 1,306.27
S3: 1,301.00
Trading recommendation: Be careful with buying at this stage since we have got buying climax in the background.
The material has been provided by InstaForex Company - www.instaforex.com
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