Overview:
Since our last analysis, gold has been trading sideways around the price of $1,150.00. According to the daily time frame, we can observe a strong supply bar in a high volume. I placed diagonal trendline and the price stoped extacly on it. Our Fibonacci retracement 50% at the price of $1,155.00 held successfully. So far, we can observe strong support around the price of $1,145.00. Be careful when buying since we have signs of weakness in the background. Watch for potential breakout of the support and try to sell after retracement.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,165.00
R2: 1,171.55
R3: 1,180.00
Support levels:
S1: 1,146.00
S2: 1,140.00
S3: 1,131.75
Trading recommendations: The strong sign of the weakness is in the background. Watch only for selling opportunites if the price breaks the support.
