Overview:
Since our last analysis, gold has been trading downwards. The price tested the level of $1,129.22. The intraday trend is downward, so watch only for selling opportunities after retracement. In the daily time frame, we can observe a supply bar in an average volume. In the M15 time frame, we can observe a successful rejection from a point in the control zone ($1,145.80). According to the daily price action, we got support levels at t$1,121.50 and $1,102.00.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,146.50
R2: 1,147.10
R3: 1,148.00
Support levels:
S1: 1,144.60
S2: 1,144.00
S3: 1,143.00
Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities after retracement.
