Overview:
Since our last analysis, gold has been trading sideways around the level of $1,065.00. In the daily time frame, I found a weak demand bar, which is a sign that buying looks risky. The trend is downward in the mid- and long terms. In the H4 time frame, we can observe a spike (buying climax) with a very wide spread of bars due to the Fed's rate hike by 25bps. I found lower swing highs and another rejection from our supply trend line, which is a sign of a downward continuation. Our Fibonacci expansion 100% at the level of $1,063.00 was broken and Fibonacci expansion 161.8% at the level of $1,050.00 is next support.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,076.00
R2: 1,079.35
R3: 1,085.45
Support levels:
S1: 1,065.20
S2: 1,061.20
S3: 1,056.20
Trading recommendations: Watch for selling opportunities. The trend is downward in the short and mid terms.
