Overview:
Since our last analysis, gold has been trading downwards. As I expected, the price tested the level of $1,163.54 in a ultra-high volume. The short-mid term trend changed from upward to downward. In the daily time frame, we can observe a supply bar in an average volume. Besides, the 200 SMA was successfully held around the level of $1,175.00. In the M30 time frame, we can observe a volume spike (selling climax) in the background. Selling opportunities below the level of $1,163.45 are preferable. Support levels are seen at $1,166.00 (on the test), $1,156.00, and $1,142.00. Only if the price breaks the level of $1,163.45, we may see a further movement downward.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,174.00
R2: 1,176.45
R3: 1,181.00
Support levels:
S1: 1,165.25
S2: 1,162.50
S3: 1,158.15
Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities.
