Overview:
Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,106.26. 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. According to the H4 time frame, we can observe strong and healthy supply bars, which is a sign that buying still looks risky. Watch for selling opportunities since our first profit zone around the price of $1,106.00 has been met. The second major support is around the price of $1,083.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,117.50
R2: 1,121.10
R3: 1,126.90
Support levels:
S1: 1,105.90
S2: 1,102.31
S3: 1,109.50
Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities.
