Overview :
Since our last analysis gold has been trading downwards. The price has tested the level of 1,263.61 in a volume below the average. According to the H4 time frame, we got selling climax and potential end of bearish corrective phase (abcd). Our Fibonacci expansion 100 % at the price of 1,262.00 is held successfully. Be careful when selling gold and watch for potential buying opportunities on the lows (buy on the dips). Anyway, if the price breaks the level of 1,262.00 in a high volume and strong price action, we may see a possible testing of the level of 1,254.00.
Daily Fibonacci pivot points :
Resistance levels :
R1: 1,292.83
R2: 1,296.23
R3: 1,301.73
Support levels :
S1: 1,281.83
S2: 1,278.43
S3: 1,272.93
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).
