Overview:
Since our last analysis, gold has been trading sideways around the price of 1,278.00. We are waiting for more robust activity and larger price action on the market. We got successful rejection from our Fibonacci retracement 61.8%, which caused price to start downward movement. Our Fibonacci expansion 61.8% at the price of 1,284.00 is broken. So, we may see potential testing the level of 1,260.00 (Fibonacci expansion 100%). We can observe very weak demand according to the 4H timeframe, which is a sign that buying looks very risky. Watch for potential selling opportunities after retracement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,283.12
R2: 1,285.32
R3: 1,288.87
Support levels:
S1: 1,276.02
S2: 1,273.82
S3: 1,270.27
Trading recommendations: Buying Gold looks risky since price has broken the support level.
The material has been provided by InstaForex Company - www.instaforex.com
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