Overview:
Gold has been trading downwards. As we expected, the price tested the level of $1,177.87. In the daily time frame, we can observe a weak bearishh bar in a volume below the average. A fail absorption volume of our buying climax bar in the background is a sign that buying gold looks risky. Anyway, I am neutral about this pair since we got major support around the levels of $1,168.00 and $1,162.00. Since we got strong buying climax in the background and fail absorption volume, bearish side is more possible. I am waiting for larger activity and stronger price actions.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,185.80
R2: 1,188.65
R3: 1,193.25
Support levels:
S1: 1,176.65
S2: 1,173.80
S3: 1,169.00
Trading recommendations: Buying climax around the level of $1,184.00 is in the background. Buying gold at this stage looks risky.
