Overview:
Since our last analysis, gold has been trading downwards. As I had expected,the price tested the level of $1,047.54. In the daily time frame, I found a strong supply bar, which is a sign that buying looks risky. The trend is downward in the mid- and long terms. In the M30 time frame, we can observe successful test of our key support level at $1,047.50. Intraday resistance is seen at the level of $1,059.00. I still advice you to watch for potential selling opportunities after retracement. If the price breaks the level of $1,047.00, it will confirm a potential test of $1,010.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,067.00
R2: 1,072.20
R3: 1,080.80
Support levels:
S1: 1,050.00
S2: 1,044.55
S3: 1,035.75
Trading recommendations: Watch for selling opportunities. The trend is downward in the short and mid terms.
