Overview:
Gold has been trading sideways around the level of $1,161.00. According to the daily time frame, we can observe neutral bar (indecision) in a volume above the average. According to the H1 time frame, we can observe a weak price action and lower volatility on the market. Selling still looks risky at this stage because of support at $1,157.00. There is a chance that the price will come back into our major trading rage between $1,162.00 and $1,231.00. The short-term trend is neutral.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,165.00
R2: 1,168.00
R3: 1,172.00
Support levels:
S1: 1,156.00
S2: 1,153.00
S3: 1,149.00
Trading recommendations: Indecision market. Be careful when selling around the level of $1,160.00 since we got support level around $1,157.00.
