Overview :
Since our last analysis, gold has been trading downwards. The price tested the level of 1,147.83 in a volume below the average. Our Fibonacci retracement 61.8% at the price of 1,149.00 is again on the test. According to the 4H time frame, we can observe potetential end of bearish corrective phase (abcd). Be careful when selling gold and watch for potential buying opportunities. If the price breaks the level of 1,179.00 in a high volume and strong price action, we may see possible testing the level of 1,207.00.
Daily pivot Fibonacci points:
Resistance levels:
R1:1,166.13
R2: 1,169.53
R3: 1,175.03
Support levels:
S1: 1,155.13
S2: 1,151.73
S3: 1,146.23
Trading recommendations: Selling gold at this stage looks risky since our Fibonacci retracement 61.8% is on the test
