Overview:
Since our last analysis, gold has been trading downwards. The price tested the level of $1,119.90. According to the daily time frame, we can observe a weak demand bar which finished in the middle in an average volume (potential selling) . 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. In the H1 time frame, we can observe weak demand with a strong reaction from sellers. The intraday trend is bearish
Daily Fibonacci pivot points :
Resistance levels
R1: 1,122.00
R2: 1,123.50
R3: 1,126.00
Support levels:
S1: 1,117.00
S2: 1,116.00
S3: 1,113.65
Trading recommendations: Bearish market. Watch for potential selling opportunities after correction.
