Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,141.06. The intraday trend is neutral. In the daily time frame, we can observe a testing of Fibonacci retracement 61.8% at the price of $1,136.70. In the M30 time frame, we can observe a massive volume spike (Friday news) and buying climax. After the volume spike, we created a small trading range and potential distribution phase. I have placed Fibonacci retracement to find potential support levels. I got Fibnacci retracement 38.2% at the price of $1,127.00, Fibonacci retracement 50% at the price of $1,123.00 and Fibonacci retracement 61.8% at the price of %1,118.50. A potential downward target is near the price of $1,110.00.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,138.40
R2: 1,139.15
R3: 1,140.30
Support levels:
S1: 1,136.00
S2: 1,135.30
S3: 1,134.20
Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities after retracement.
