Overview:
Since our last analysis, gold has been trading upwards, the price tested the level of 1,338.95 (FR 61.8%) on ultra high volume (buying climax). The Gold is on critical resistance area at the price of 1,338.00. We got FR 61.8% at the price of 1,338.00 and that level is critical. We can observe ultra high volume on high new ground, which signals that buying gold at this stage looks very risky. Anyway, to confirm further downward movement, we need to see stronger supply on the market on high volume. Otherwise, if the price breaks the level of 1,338.00 on high volume, we may see more upward movement. My advice is to watch for potential bearish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,338.97
R2: 1,343.69
R3: 1,351.33
Support levels:
S1: 1,323.69
S2: 1,318.97
S3: 1,311.33
Trading recommendation:Trading the metal, be careful with buying since Gold is on critical area and we are also on the high new ground.
