Overview:
Since our last analysis, gold has been trading downwards. The price tested the level of $1,178.75 in a high volume. According to the daily time frame, we can observe supply in a volume below average. The short-term trend is neutral. Our Fibonacci retracement 61.8% at the level of $1,181.00 was held again successful. I am still expecting bullish movement, so my advice is to focus on buying positions. The first resistance level is seen around $1,200.00. According to the 1H time frame, we got selling climax (hidden buying and stoping action). I found corrective downward channel according to 30min time frame and the price broke and re-tested two times that channel, which is a sign of potential bullish movement.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,188.90
R2: 1,192.00
R3: 1,196.00
Support levels:
S1: 1,179.00
S2: 1,176.30
S3: 1,171.50
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities (buy on dips).
