Trading Conditions
Products
Tools
Overview :
Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,197.32 in a high volume. According to the daily time frame, we can observe a supply in a volume above the average. Our support level at $1,207.00 got broken, so be careful when buying gold. Major Fibonacci retracement 38.2% (support) is around $1,194.00. Fibonacci retramcent 61.8% (support) is around $1,174.00. The short-term trend is bearish.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,214.54
R2: 1,216.52
R3: 1,219.47
Support levels :
S1: 1,208.12
S2: 1,206.15
S3: 1,202.93
Trading recommendations: Be careful when buying gold at this stage since we got support broken. Sell after retracmeents.
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.