Overview:
Since our last analysis, gold has been trading sideways around the level of $1,073.00. In the daily time frame, I found a weak demand bar and rejection from the SMA10. Our strong support around the levels of $1,075.00-$1,080.00 became strong resistance (changing polarity) now. In the H1 time frame, our diagonal trend line got broken today, so watch for intraday selling opportunities. I also spoted strong rejection from Fibonacci retracement 61.8% at the level of $1,080.00. Intraday support is found at $1,065.00. Next strong daily support is seen around the level of $1,046.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,078.25
R2: 1,079.70
R3: 1,082.10
Support levels:
S1: 1,073.50
S2: 1,072.50
S3: 1,069.70
Trading recommendations: Be careful when buying gold since I saw a breakout of the diagonal trend line. Watch for potential selling opporutnities.
