Overview:
Since our last analysis, gold has been trading downwards. The price tested the level of 1,241.70 again on ultra high volume according to the 1H chart. As you can see in the graph, the price rejected from our support level (1,240.00). According to the 1H timeframe, we can observe strong rejection on high volume from our support. The support level around the price of 1,240.00 looks very strong since price haven't broken that area for few days. 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, we can observe indecision bars and very low activity (volume).
Daily pivot Fibonacci points:
Resistance levels:
R2: 1,249.67
Support levels:
S2: 1,241.39
Trading recommendation: Trading the metal, be careful with short-term selling since the price is near support.
