Overview:
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,309.48 on ultra high volume, according to the 4H timeframe. According to the daily timeframe, we can observe suppply on volume just below the average. Buying Gold still looks unsafe so my advice is to watch for larger bearish correction before you place your buying positions. I have placed Fibonacci retracement levels and I got Fibonacci retracement 61.8% around the price of 1,305.00. Be careful with buying and watch for potential selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,327.16
R2: 1,331.78
R3: 1,339.28
Support levels:
S1: 1,312.18
S2: 1,307.56
S3: 1,300.07
Trading recommendation: Be careful with buying since we may see more downward movement.
