Overview:
Since our last analysis, gold has been trading downwards. The price tested the level of $1,059.22 in a high volume. In the daily time frame, I found a supply bar in a volume below an average. An intraday trend is downward. Short- and mid-term trends are also downward. In the H1 time frame, the price is well below all MACs 50,100,150,200 in the short-term time frames. I found symmetrical triangle (trend continuation pattern).I expect testing of $1,050.00. I would like to see a breakout in a high volume at $1,046.00 confirming the trend-continuation pattern, .
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,068.70
R2: 1,071.70
R3: 1,076.60
Support levels:
S1: 1,058.80
S2: 1,055.80
S3: 1,050.90
Trading recommendations: Watch for potential selling opportunities, buying looks risky.
