Overview:
Since our last analysis, gold has been trading sideways around the price of $1,125.00. The intraday trend is neutral. According to the daily time frame, we can observe a supply bar in an average volume. In the M1 time frame, we can observe a big sign of strenght (double selling climax) around the level of $1,124.40, which is a sign that selling looks risky at this stage. Watch for potential buying opportunities on the dips. Resistance level is at the price of $1,128.00.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,132.30
R2: 1,135.25
R3: 1,140.15
Support levels:
S1: 1,122.75
S2: 1,120.00
S3: 1,115.00
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities.
