Overview:
Since our last analysis, gold has been trading sideways around the price of $1,155.00. As we expected, the price tested the level of $1,168.05. According to the daily time frame, we can observe a potential hidden selling bar, which is a sign that buying at this stage looks risky. I placed diagonal trendline and the price stoped extacly on it. Our Fibonacci retracement 50% is at the price of $1,155.00. Anyway, Gold is still in a bullish trend and we have successful testing of a supply bar at the price of $1,149.00. According to the 30-minute time frame, we have a selling climax bar from Friday and today successful tests on that area. Selling still looks risky, we are awaiting a potential breakout of the level $1,168.00 to confirm further upward continuation.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,164.00
R2: 1,165.55
R3: 1,167.00
Support levels:
S1: 1,161.00
S2: 1,160.00
S3: 1,157.75
Trading recommendations: Watch only for buying opportuntiies on the dips (after corrections). Selling still looks very risky since there is a strong upward trend in the background.
