Overview:
Gold has been trading downwards. As we expected, the price tested the level of $1,159.05 in an average volume. Our support cluster around the price of $1,162.00 was finally broken. Buying looks risky at this stage, because major support at the price of $1,162.00 was broken. We may expect potential testing of the levels of $1,142.00 and $1,131.00 (swing lows). The short-term trend is bearish. Watch for selling opportunities after retracements.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,173.00
R2: 1,175.00
R3: 1,178.00
Support levels:
S1: 1,167.00
S2: 1,165.00
S3: 1,162.50
Trading recommendations: Be careful when buying gold since our strong support at the price of of $1,162.00 got broken. Watch for selling opportunities after retracements.
