Overview:
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,112.86. An 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 ($1,126.80). According to the daily price action, we broke the support level at $1,121.50 and the nest support level is seen at $1,102.00. Today, we got control point at the level of $1,124.90.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,132.45
R2: 1,134.85
R3: 1,138.70
Support levels:
S1: 1,124.75
S2: 1,122.35
S3: 1,118.50
Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities after retracement.
