Overview:
Since our last analysis, gold has been trading sideways around the price of of 1,221.00. The price tested the level of 1.215.71. Our submajor Fibonacci expansion 161.8% (support) at the price of 1,218.00 held successful, so be careful when selling at this stage. According to the 4H time frame, we can observe selling climax in the background and very weak demand in a volume below average, which is a sign that buying still looks risky. If the price breaks the level of 1,218.00 in a higher volume, we may see potential testing the level of Fibonacci expansion 100% at the price of 1,194.00. Anyway if the price start with upward movement, there is an Fibonacci retracement 61.8% at the price of 1,231.00.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,231.64
R2: 1,236.37
R3: 1,244.04
Support levels
S1: 1,219.24
S2: 1,211.57
S3: 1,206.84
Trading recommendations: Buying still looks risky since we cant see any larger reaction from buyers.
