Overview :
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,179.14 in a average volume. According to the daily time frame, we can can observe low activity on the market. Our Fibonacci retracement 38.2% at the price of 1,179.00 is on the test so be careful when selling gold at this stage. We also got submajor Fibonacci expansion 161.8% around the price of 1,179.00. If the price breaks the level of 1,179.00 in a high volume and health price action, we may see possible testing the level of 1,161.00 (Fibonacci retracement 61.8%). My advice is to watch for buying opportunities on the lows.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,196.48
R2: 1,199.76
R3: 1,205.07
Support levels:
S1: 1,185.86
S2: 1,182.58
S3: 1,177.27
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).
