Overview:
Since our last analysis, gold has been trading downwards. The price tested the level of 1,305.89 in a volume above average according to the 4H time frame. According to the 1H timeframe, we can observe supply in ultra high volume (selling climax), which is a sign that buying looks risky. We can also observe rejection from our Fibonacci retracement 61.8% at the price of 1,320.00. Anyway, if the price breaks the level of 1,321.00 in a higher volume, we may see testing the level of 1,343.00.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,312.30
R2: 1,312.96
R3: 1,314.03
Support levels:
S1: 1,310.16
S2: 1,309.50
S3: 1,308.43
Trading recommendations: Buying Gold looks risky since we got successful rejection from our Fibonacci retracement 61.8%.
The material has been provided by InstaForex Company - www.instaforex.com
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