Overview:
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,098.60. The intraday trend is neutral. According to the daily time frame, we can observe a supply in an average volume but with a weak close (sign of strenght) . According to the H1 time frame, we can observe a potential climatic action in the background and absorption later on, which means that selling looks very risky. First resistance level is expected around $1,109.50. Anyway, my advice is to wait for changing in trend behavior before taking any setup.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,106.75
R2: 1,107.70
R3: 1,109.25
Support levels:
S1: 1,103.70
S2: 1,102.75
S3: 1,101.25
Trading recommendations: Absorption volume is seen in the H1 time frame. The trend is neutral. Selling looks risky, so watch for potential buying opportunities if trend changes.
