Overview:
Since our last analysis, gold has been trading sideways, around the price of 1,310.00. We are still waiting for larger movement and larger volume (activity). According to the Daily time frame, we can observe shooting star candle and successful rejection from Fibonacci retracement 61.8%, which is a sign that buying looks risky. Anyway, if the price breaks the level of 1,321.00 in a higher volume, we may see the level of 1,343.00 is being tested. My advice is to watch for selling opportunities after retracement. According to the 4H time frame, we can observe that strong supply in a high volume has entered on the the maket.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,317.01
R2: 1,319.95
R3: 1,324.73
Support levels:
S1: 1,307.45
S2: 1,304.51
S3: 1,299.73
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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