our last analysis, gold has been trading sideways around the price of
1,200.00. We are waiting for a larger volume and stronger price action. According to the daily time frame, we can observe weak demand in a
volume above the average, which is a sign that we may see possible
reaction from sellers (potential bearish corrective phase). Be
careful when buying gold at this stage since our Fibonacci
retracement 61.8% is on the test. Anyway, my advice is to watch for
potential buying opportunities after a bearish corrective phase (buy
on the low).
pivot Fibonacci points:
recommendations: Buying gold at this stage looks risky since we may
see reaction from sellers.
The material has been provided by InstaForex Company – www.instaforex.com