Trading Conditions
Products
Tools
Overview:
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,161.06 in an ultra high volume (selling climax). Our swing low at the price of 1,183.00 is broken, so we we may expect testing the level of 1,147.00 (major Fibonacci expansion 161.8%). According to the daily time frame, we got supply in a high volume, which is a sign that the price may continue with downwad movement. A smaller bullish corrective phase is possible but watch for selling opportunities after retracement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,211.55
R2: 1,216.51
R3: 1,224.53
Support levels
S1: 1,195.51
S2: 1,190.55
S3: 1,182.53
Trading recommendations: Buying gold at this stage looks risky since price has broke swing low
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.