Overview:
Since our last analysis, gold has been trading sideways around the level of $1,072.00. In the daily time frame, I found a supply bar and rejection from the SMA10. Our strong support around the levels of $1,075.00-$1,080.00 has become a strong resistance (changing polarity) now. In the M30 time frame, our diagonal trend line got broken today, so watch for intraday selling opportunities. I also spoted strong rejection from Fibonacci retracement 50% at the level of $1,074.00. 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: 1,071.54
R2: 1,072.35
R3: 1,073.80
Support levels:
S1: 1,068.90
S2: 1,068.00
S3: 1,066.70
Trading recommendations: Be careful when buying gold since I saw a breakout of the diagonal trend line. Watch for potential selling opportunities.
