our last analysis, gold has been trading downward. The price tested
the level of 1,217.56 in a volume below the average. Our Fibonacci
expansion 100% at the price of 1,186.00 is broken so we may expect
potential testing of the level of 1,255.00-1,265.00. Gold is now in a bearish corrective phase, so I have placed Fibonacci retracement
levels to find potential support levels. I got Fibonacci retracement
38.2% at the price of 1,218.00 (on the test) and Fibonacci
retracement 61.8% at the price of 1,206.00. My advice is to look for
buying opportunities near the lows (after retracement). According to
the 4H time frame, we can observe supply in an average volume.
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