Overview:
Since our last analysis, gold has been trading downwards, As we epxected, the price tested the level of 1,137.50. Our major Fibonacci expansion 161.8% at the price of 1,146.00 is on the test so be very careful when selling gold at this stage. According to the 4H timeframe, we got lack of supply around the price of 1,145.00, which is sign that selling gold at this stage looks risky. Be careful when selling gold and watch for potential buying opportunities. Any larger reaction from buyers may confirm futher bullish phase.
Daily pivot Fibonacci points:
Resistance levels:
R1:1,173.13
R2: 1,175.87
R3: 1,180.30
Support levels:
S1: 1,164.27
S2: 1,161.53
S3: 1,157.10
Trading recommendations: Selling gold at this stage looks risky since price is near our support level
