Since our last
analysis, gold has been trading sideways around the price of
1,195.00. We are still waiting for a larger activity on the market
and stronger price action. I placed Fibonacci retracement to find
potential support levels and got Fibonacci retracement 61.8% at the
price of 1.195.00 (currently on the test). According to the 1H time
frame, we can observe weak supply on the market, which is a sign that
selling gold at this stage looks risky. My advice is to watch for
potential buying opportunities near the lows. Any larger demand in a
high volume may confirm further bullish phase. According to the daily
time frame, we can observe supply in an ultra low volume.
recommendations: Watch for potential buying opportunities after
retracement (buy on the lows).
The material has been provided by InstaForex Company – www.instaforex.com