Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,140. According to the daily time frame, we can observe a weak demand bar (potential selling coming in). Anyway, we saw weakness in Fridays's price action in the H1 time frame. We got buying climax with wide spread and supply coming in. Watch only for selling opportunities after retracement. Strong support has been seen at the level of $1,117.50. If the price breaks this support level, we will have the second support around $1,111.00. On the background, we can observe a strong sign of weakness (supply came in), which shows that this can be a turning point in the mid-term prospect.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,133.28
R2: 1,134.00
R3: 1,135.00
Support levels:
S1: 1,131.00
S2: 1,130.28
S3: 1,129.20
Trading recommendations: The strong sign of weakness is in the background. Watch only for selling opportunites after retracement.
