our last analysis, gold has been trading downwards. The price tested
the level of 1,225.25 in an average volume. Our Fibonacci retracement
38.2% at the price of 1,234.00 held successful, that action led the
price to start downward movement. According to the daily time frame,
we can observe demand in a volume below the average I have placed
Fibonacci retracement to find resistance levels that price breaks the
level of 1,234.00 and I got Fibonacci retracement 61.8% at the price
of 1,242.00. Anyway, if we see larger reaction from sellers aroud
our resistance, a testing of the level of 1,211.00 (Fibonacci
retracement 61.8%) will be possible.
pivot Fibonacci points:
recommendations: Buying gold at this stage looks risky since price
didint broke Fibonacci retracement 38.2%.
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