Overview:
Since our last analysis, gold has been trading upwards. As I expected, the price tested the level of $1,102.62 in a high volume. In the daily time frame, we can observe testing of Fibonacci retracement 38.2% and price action resistance. Buying at this stage looks risky since the price is at the strong resistance. The intraday trend is upward, but the mid-term trend is still downward. I placed Fibonacci retracement to find resistance levels and got Fibonacci retracement 38.2% at the price of $1,102.00 (on the test) and Fibonacci retracement 61.8% at the price of $1,136.00. Intraday selling positions are preferable. The first support level is around the price of $1,088.50.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,094.55
R2: 1,097.65
R3: 1,102.65
Support levels:
S1: 1,084.55
S2: 1,081.45
S3: 1,076.45
Trading recommendations: Watch for potential selling opportunities, buying looks risky.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Gold analysis for January 07, 2016 . Thanks for your support.
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