Overview:
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,115.10. 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 peak volume at the level of $1,115.10 (point of control). Also, we can observe lack of demand at the level of $1,114.10 (no demand bar). According to the daily price action, we broke the support level at $1,121.50 and the next support level is seen at $1,102.00. Daily Fibonacci pivot points :
Resistance levels
R1: 1,123.20
R2: 1,126.45
R3: 1,131.75
Support levels:
S1: 1,112.55
S2: 1,109.30
S3: 1,104.00
Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities after retracement.
