our last analysis, gold has been trading sideways around the price of
1,192.00. We are waiting for a larger activity on the market and
stronger price action. Our Fibonacci retracement 61.8% at the price
of 1.172.00 has been held successfully, which caused price to start
with an upward movement. According to the H4 time frame, we can
observe weak supply. My advice is to watch for potential buying
opportunities near the lows. According to the daily time frame, we
can observe low activity today. I placed Fibonacci retracement to
find potential resistance levels and got Fibonacci retracement 38.2%
at the price of 1,196.00 (currently on the test) and Fibonacci
retracement 61.8% at the price of 1,212.00.
pivot Fibonacci points:
recommendations: Watch for potential buying opportunities after
retracement (buy on the lows).
The material has been provided by InstaForex Company – www.instaforex.com