Overview:
Since our last analysis, gold has been trading downwards, the price tested the level of 1,310.16 on volume above the average according to the 4H timeframe. According to the daily timeframe, we can observe another indecision bar on volume below 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 average, which is a good sign that we may see possible bearish movement. According to the Daily chart, we can observe strong buying climax (ultra high volume demand) in the background but after that reaction we didn't see any larger demand and that is why buying at this stage looks very risky.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,317.10
R2: 1,317.54
R3: 1,318.28
Support levels:
S1: 1,315.64
S2: 1,315.20
S3: 1,314.47
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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