Overview:
Since our last analysis, gold has been trading downwards, the price tested the level of 1,240.46 on ultra high volume according to the 1H chart. As you can see from in the graph, the price rejected from our support level (1,240.00). According to the 1H timeframe, we can observe strong rejection on ultra high volume (buying climax) from our support. Intraday resisntace levels are the price of 1,247.00 (swing high) and the price of 1,250.00. Be careful with selling Gold at this stage since the price rejected on ultra high volume from our support. Build selling positions just after bullish correction. Anyway, to confirm further bearish movement, price needs to break the level of 1,240.00 (swing low). According to the Daily chart, there is we can observe neutral bar (weak activity) on the volume below the average so selling at this stage looks risky...
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,247.14
R2: 1,248.96
R3: 1,251.90
Support levels:
S1: 1,241.26
S2: 1,239.44
S3: 1,236.50
Trading recommendation: Trading the metal, be careful with short-term selling since the price is near support.
