Overview :
Since our last analysis, gold has been trading downward. The price tested the level of 1,181.06. According to the 14 time frame, we can observe supply in an ultra high volume (selling climax), which is a sign that selling gold at this stage looks risky. My advice is to watch for potential buying opportunities near the lows. According to the daily time frame, we have support level at the price of 1,172.00. Our Fibonacci retracement 61.8% at the price of 1,212.00 has been held successful, which caused price to start with downward movement. If the price breaks the level of 1,212.00 in a high volume, we may see a potential testing of the level of 1,237.00. Any larger demand in a high volume and strong price action may confirm further bullish phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,187.43
R2: 1,188.23
R3: 1,189.53
Support levels:
S1: 1,184.83
S2: 1,184.03
S3: 1,182.73
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).
