Overview:
Since our last analysis, Gold has been trading downwards, as we expected, the price tested the level of 1,194.68 on low volume and that is the reason why we saw the small upward correction and the testing of 1,206.13.We can observe that supply on high volume has entered the market at 1,206.00, so the level of 1,206.00 may be the point for further bearish continuation.We can also see decreasing volume on upper legs which is good sign for further bearish continuation.We may see testing of previous swing lows at the price of 1,192.00 and 1,187.00.Do not forget, Gold is in the bearish trend so buying looks very risky. Watch for selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,209.31
R2: 1,213.75
R3: 1,220.93
Support levels:
S1: 1,194.95
S2: 1,190.51
S3: 1,183.33
Trading recommendation: Trading the metal, be careful with short-term buying and look for selling opportunities.
