Overview:
Since our last analysis, gold has been trading downwards, just like we expected, the price tested the level of 1,322.26. The Gold rejected from our 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 held successfully, which is a good sign for the potential bearish movements. According to daily chart, we can observe supply on volume above the average. Anyway, to confirm further downward movement, we need to see stronger supply on the market on high volume. My advice is to watch for potential bearish movement. I've placed Fibonacci levels to find first down stations and i got submajor Fibonacci retracement 38.2% at the price of 1,304.00 and Fibonacci retracement 61.8% at the price of 1,280.00.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,341.74
R2: 1,347.10
R3: 1,355.77
Support levels:
S1: 1,324.40
S2: 1,319.04
S3: 1,310.37
Trading recommendation: Trading the metal, be careful with buying since Gold is around critical area and we are also on the high new ground.
