Overview:
Since our last analysis, Gold has been trading upwards, the price rejected from the level of 1,182.14 (met both our down stations) and tested level of 1,228.16 on volume above the average. We got FE 161.8 % at the 1,226.00 price, which was held successfully, so we may expect further bearish movement. We can observe decreasing volume on upper leg, which is good sign for further bearish continuation. Anyway, if the price breaks the level of 1,228.00 on high volume, we may see testing of FR 61.8 % at 1,236.00 before the downwards continuation. 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: 1,205.52
R2: 1,206.14
R3: 1,207.13
Support levels:
S1: 1,203.54
S2: 1,202.92
S3: 1,201.93
Trading recommendation: Trading the metal, be careful with short-term buying and look for selling opportunities.
