Overview:
Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,114.28. The intraday and short-term trends are downward as the price is below the Ichimoku cloud on the daily, H4 and H1 charts. In the daily time frame, we can observe a strong supply bar in a high volume volume. According to the H4 time frame, we can observe strong and healthy supply bars, which is a sign that buying looks risky. Watch for selling opportunities. Major daily support and our first profit zone is at the price of $1,104.00. Second major support is around the price of $1,083.00.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,128.90
R2: 1,133.60
R3: 1,141.50
Support levels:
S1: 1,113.20
S2: 1,108.20
S3: 1,100.50
Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities.
