our last analysis, gold has been trading downwards. As we expected,
the price tested the level of 1,174.90 in a very high volume.
According to the daily time frame, we can observe supply in a volume
above average, which is a sign that we may see possible bearish
movement. I have placed Fibonacci retracement to find potential
support levels and I got Fibonacci retracement 38.2% at the price of
1,176.00 (currently on the test) and Fibonacci retracement 61.8% at
the price of 1,160.00 Anyway, my advice is to watch for potential
buying opportunities after a bearish corrective phase (buy on the
pivot Fibonacci points:
recommendations: Watch for potential buying opportunities after
retracement (buy on the lows).
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