Overview:
Since our last analysis, gold has been trading downwards. The price tested the level of $1,077.13. According to the daily time frame, we can observe a downward bar in a volume above the average. According to the H1 time frame, we can supply in a volume above the average. Sellers are in control on the market, so watch for potential selling opportunities. Since the price has broken support at $1,132.00, we may expect potential testing of the level of $1,035.00 (monthly support).
Daily Fibonacci pivot points:
Resistance levels
R1: 1,096.00
R2: 1,099.00
R3: 1,102.00
Support levels:
S1: 1,089.00
S2: 1,085.70
S3: 1,082.00
Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities.
