Overview:
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,291.97 in a high volume according to the 4H timeframe. According to the daily timeframe, we can observe strong supply in a high volume, which is a sign that buying at this stage looks risky. Now, we are in a bearish corrective phase, so be careful with buying. Our first support level at the price of 1,305.00 has been met. So, we may see testing the level of 1,282.00 (Fibonacci retracement 61.8%)
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,331.38
R2: 1,340.52
R3: 1,355.30
Support levels:
S1: 1,301.82
S2: 1,292.68
S3: 1,277.90
Trading recommendation: Be careful with buying Gold since it is in a bearish corrective phase.
