Overview:
Since our last analysis, gold has been trading sideways. We are waiting for larger movement and a lager volume. According to the daily time frame, we can observe supply in a volume below the average. We got successful rejection from our Fibonacci retracement 61.8%, which is a sign that buying looks risky. My advice is to watch for selling opportunities after retracement. I have placed Fibonacci expansion from most recent ABC swings and I got Fibonacci expansion 61.8% at the price of 1,284.00 (almost got tested). According the the 4H timeframe, we can observe weak demand on the market, which is another sign that buying Gold at this stage looks risky.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,303.44
R2: 1,305.42
R3: 1,308.63
Support levels:
S1: 1,297.02
S2: 1,295.04
S3: 1,291.83
Trading recommendations: Buying Gold looks risky since we got successful rejection from our Fibonacci retracement 61.8%.
