Overview :
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,197.46 in a high volume. According to the daily time frame, we can observe a demand in an volume below the average (weak demand). Our Fibonacci retracement 61.8% at the level of $1,211.00 held successful, which made the price to start moving downwards. The short-term trend is bearish. We may see potential re-testing of our Fibonacci retracement 38.2% at the level of $1,190.00.
Daily Fibonacci pivot points:
Resistance levels :
R1: 1,208.46
R2: 1,208.90
R3: 1,209.63
Support levels :
S1: 1,207.00
S2: 1,206.56
S3: 1,208.80
Trading recommendations: Be careful when buying gold at this stage. Sell after retracmeents.
