Overview:
Since our last analysis, gold has been trading sideways. We are facing a quiet day and very flat Gold around the price of 1,322.00. According to the daily timeframe, we can observe very weak supply with a volume below average, which is a sign that selling loosing power. 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. Any larger supply on volume above the average may confirm further bearish movement. Major resistance is around the price of 1,333.00.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,320.60
R2: 1,322.86
R3: 1,326.53
Support levels:
S1: 1,313.26
S2: 1,311.00
S3: 1,307.33
Trading recommendation: Be careful with buying since we may see more downward movement.
