Overview:
Since our last analysis, the gold has been trading upwards, as we expected, the price tested the level of 1,391.99 on volume above the average (almost tested our Fibonacci levels). According to the daily chart, we can observe demand above the average, which is a sign that there is still demand on the market and selling looks risky. We may see testing the levels of 1,396.00-1,401.00 before downward correction. Anyway, if the gold starts bearish correction from 1,392.00, I have placed Fibonacci levels to find first down stations and I got Fibonacci Retracement 382% at the price of 1,367.50 and Fibonacci Retracement 61.8% at the price of 1,353.00. To confirm further bearish correction and downward movement, we need to see larger supply on high volume on the market.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,391.12
R2: 1,393.34
R3: 1,396.93
Support levels:
S1: 1,383.94
S2: 1,381.72
S3: 1,378.13
Trading recommendation: Trading the metal, be careful with buying at this stage since Gold is near the high new ground.
