Overview :
Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,197.32 in a high volume. According to the daily time frame, we can observe a supply in a volume above the average. Our support level at $1,207.00 got broken, so be careful when buying gold. Major Fibonacci retracement 38.2% (support) is around $1,194.00. Fibonacci retramcent 61.8% (support) is around $1,174.00. The short-term trend is bearish.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,214.54
R2: 1,216.52
R3: 1,219.47
Support levels :
S1: 1,208.12
S2: 1,206.15
S3: 1,202.93
Trading recommendations: Be careful when buying gold at this stage since we got support broken. Sell after retracmeents.
