our last analysis, gold has been trading upwards. As we expected,
the price tested the level of 1,220.90 in an ultra high volume (buying
climax). According to the daily time frame, we can obesrve demand in
an ultra high volume (buying climax), which is a sign that buying at
this stage looks very risky. Our Fibonacci expansion 100% at the
price of 1,217.00 held successfully, which enabled the price to start with
downward movement. I have placed Fibonacci retracement to find
potential support levels and I got Fibonacci retracement 38.2% at the
price of 1,191.00 and Fibonacci retracement 61.8% at the price of
1,172.00. My advice is to look for buying opportunities near the lows
(after retracement). Any larger reaction from buyers may confirm
further bullish continuation.
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