our last analysis, gold has been trading upwards. The price tested
the level of 1,181.95 in an ultra high volume according to the daily
time frame. Since the price has broke 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 in the further period. According to the 4h time frame, we can observe buying climax in the background and testing of our Fibonacci expansion 100% at the price of 1,191.00 My advice is to watch for potential
buying opoprtunities on the lows.
pivot Fibonacci points:
recommendations: Selling gold at this stage looks risky since the price
has broken the level of 1,179.00.
The material has been provided by InstaForex Company – www.instaforex.com