Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,144.53. According to the daily time frame, we can observe a weak demand bar. Anyway, we saw weakness in Fridays's price action in the H1 time frame. We got a buying climax with the wide spread and supply coming in. Watch only for selling opportunities after retracement. Strong support is found at the level of $1,117.50. If the price breaks this support level, we will have the second support around $1,111.00. According to the H1 time frame, we can observe signs of weakness. We got no demand bars and potential buying climax.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,135.60
R2: 1,138.00
R3: 1,142.00
Support levels:
S1: 1,127.00
S2: 1,125.00
S3: 1,120.00
Trading recommendations: The strong sign of weakness is in the background. Watch only for selling opportunites after retracement.
