Overview:
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,268.07 in a very high volume according to the 4H time frame. Our Fibonacci expansion 61.8% at the price of 1,284.00 is broken. So, we may see potential testing the level of 1,258.00 (Fibonacci expansion 100%). Our Fibonacci retracement 38.2% at the price of 1,292.00 held successful, which caused price to continues with downward movement. According to the 4H time frame, we can observe strong supply, which is a sign that buying looks risky. Watch for potentaial selling opportunities after retracement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,289.98
R2: 1,291.16
R3: 1,293.07
Support levels:
S1: 1,286.16
S2: 1,284.98
S3: 1,283.07
Trading recommendations: Buying Gold looks risky since the price has broken the support level.
