Overview:
Since our last analysis, gold has been trading sideways around $1,120.00. Low activity is observed in the market today. We are waiting for larger activity and higher volume. As we had expected, the price tested the level of $1,122.67. According to the daily time frame, we can observe a weak supply bar in an average volume. Strong support is found at the level of $1,117.50. If the price breaks this support level, we will get the second support around $1,085.00. According to the H1 time frame, we can observe a sign of strength on the background. Anyway,we got a potential stopping volume. The intraday trend is neutral.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,122.00
R2: 1,123.45
R3: 1,124.00
Support levels:
S1: 1,119.00
S2: 1,118.70
S3: 1,117.00
Trading recommendations: Neutral market. Wait for clear direction to confirm further direction. Strong support is seen near the level of $1,117.00.
