our last analysis, gold has been trading upwards. As we expected, the
price rejected from the level of 1,149.00 and tested the level of
1,173.11 in an average volume. I have placed Fibonacci retracmeent
from the most recent swings to find potential support levels. I got
Fibonacci retracment 61.8% at the price of 1.149.00 (successful
held). We also got support level at the price of 1,160.00 (currently
on the test). Be careful when selling gold and watch for potential
buying opportunities. If the price breaks the level of 1,179.00 in a
high volume and strong price action, we may see possible testing the
level of 1,207.00.
pivot Fibonacci points:
recommendations: Selling gold at this stage looks risky since we got
strong rejection from Fibonacci retracmeent 61.8%.
The material has been provided by InstaForex Company – www.instaforex.com