Since our last analysis, gold has been trading downwards. As we expected, the price has tested the level of $1,150.26 in a high volume. I have placed Fibonacci retracement to find potential resistance and have got Fibonacci retracement 61.8% at the price of $1,164.00 (successfully tested for the second time). My advice is to watch for potential selling opportunities after a retracement. According to the H4 time frame, we can observe supply in a high voume. If the price breaks the level of $1,150.00 (the long-term support), we may see a potential testing of the level of $1,143.00 and $1,139.00.
Daily Fibonacci pivot points:
Resistance levels :
Support levels :
Trading recommendations: Watch for potential selling opportunities after a retracement.
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Uitgevoerd door, Analytische expert
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