Overview:
Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,131.09. The intraday and short-term trends are downward. In the daily time frame, we can observe a strong supply bar in an average volume. In the H1 time frame, in the background we can observe a successful rejection from our strong resistance level at the price of $1,162.00. Besides, according to the H4 time frame, we can observe weak demand bars around the price of $1,137.50, which is a sign that buying looks risky. Watch for selling opportunities. Major daily support is at the price of $1,104.00.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,138.00
R2: 1,139.50
R3: 1,141.80
Support levels:
S1: 1,133.40
S2: 1,131.95
S3: 1,129.50
Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities.
