Overview:
Since our last analysis, gold has been trading downwards.As we expected, the price tested the level of $1,101.12. According to the daily time frame, we can observe a supply in an average volume . The price found support at the level of $1,101.00. Selling gold looks exhausted and I am currently neutral.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,117.00
R2: 1,122.00
R3: 1,131.00
Support levels:
S1: 1,101.00
S2: 1,096.00
S3: 1,088.65
Trading recommendations: We can see signs of the strength on the chart. The trend is neutral. Wait for clear trend to confirm further direction.
