our last analysis, gold has been trading downward. The price tested
and rejected from the level of 1,190.49. Our corrective Fibonacci
expansion 161.8% at the price of 1.195.00 has been held successfully, which
caused price to start with aupward movement. I placed Fibonacci
retracement to find potential support levels and got Fibonacci
retracement 61.8% at the price of 1,179.00. My advice is to look for
buying opportunities near the lows (after retracement). According to
the 1H time frame, we can observe no selling pressure around the
level of 1,190.00 and strong reaction from buyers in a very high
volume. So, selling gold at this stage looks risky, watch for
potential buying oppoprtunities.
pivot Fibonacci points:
recommendations: Watch for potential buying opportunities after
retracement (buy on the lows).
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