Overview:
Since our last analysis, Gold has been trading downwards, the price tested the level of 1,314.35 on volume above the average. According to the daily chart, we can observe weak demand on volume below the average, which caused price to continue with bearish movement as we expected. Gold is in progress of bearish corrective phase and I've placed Fibonacci Retracement to find the first down station. I got major Fibonacci Retracement 38.2% at the price of 1,312.00 (almost tested). Be careful with buying and watch for selling opportunities after retracements.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,335.02
R2: 1,336.28
R3: 1,338.30
Support levels:
S1: 1,330.98
S2: 1,329.72
S3: 1,327.70
Trading recommendation: Trading the metal, be careful with buying at this stage since Gold is in progress of bearish corrective phase. Watch for selling opportunities after retracement.
