Overview:
Since our last analysis, gold has been trading sideways around the price of $1,103.00. In the daily time frame, we can observe testing of Fibonacci retracement 38.2% and price action resistance and testing of SMA 100. Buying at this stage looks risky since the price is at the strong resistance. The intraday trend is upward, but the mid-term trend is still downward. I placed Fibonacci expansion to find a potential end of upward correction and got Fibonacci expansion 161.8% at the price of $1,115.50 (almost tested). Be careful when buying gold at this stage and watch for potential selling opportunities.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,107.70
R2: 1,108.80
R3: 1,110.50
Support levels:
S1: 1,104.20
S2: 1,103.10
S3: 1,101.35
Trading recommendations: Watch for potential selling opportunities, buying looks risky.
