Overview:
Since our last analysis, gold has been trading sideways around the level of $1,105.00. 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 demand in a volume below average . Also, according to the daily time frame, we can observe that price supports the level of $1,107.00 (four days in a row). According to the H1 time frame, we can observe a potential climatic action in the background with later absorption, which means 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. Support level is around the price of $1,1099.00.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,108.50
R2: 1,109.60
R3: 1,111.30
Support levels:
S1: 1,105.00
S2: 1,104.75
S3: 1,102.00
Trading recommendations: Absorption volume is seen in the H1 time frame. The trend is neutral. Selling still looks risky, so watch for potential buying opportunities if trend changes.
