our last analysis, gold has been trading sideways around the price of
1,195.00. We are 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.
pivot Fibonacci points:
recommendations: Watch for potential buying opportunities after
retracement (buy on the lows).
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