Overview :
Since our last analysis gold has been trading downwards. The price has tested the level of 1,283.03 in an ultra high volume. According to the daily time frame, we got weak demand in a volume below the average, what caused price to start with bearish corrective phase. According to the H1 time frame, we got selling climax and potential end of bearish corrective phase (abcd). Our Fibonacci expansion 161.8% at the price of 1,285.00. Be careful when selling gold and watch for potential buying opportunities on the lows (buy on the dips).
Daily Fibonacci pivot points :
Resistance levels :
R1: 1,297.95
R2: 1,303.99
R3: 1,313.77
Support levels :
S1: 1,278.39
S2: 1,272.35
S3: 1,262.57
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).
