our last analysis, gold has been trading downwards. As we expected,
the price tested the level of 1,179.14 in a average volume. According
to the daily time frame, we can can observe low activity on the
market. Our Fibonacci retracement 38.2% at the price of 1,179.00 is
on the test so be careful when selling gold at this stage. We also
got submajor Fibonacci expansion 161.8% around the price of 1,179.00.
If the price breaks the level of 1,179.00 in a high volume and health
price action, we may see possible testing the level of 1,161.00
(Fibonacci retracement 61.8%). My advice is to watch for buying
opportunities on the lows.
pivot Fibonacci points:
recommendations: Watch for potential buying opportunities after
retracement (buy on the lows).
The material has been provided by InstaForex Company – www.instaforex.com