Overview:
Since our last analysis, gold has been trading downwards. The price tested the level of $1,178.67 in a high volume. According to the daily time frame, we can observe supply in a volume below average. The short-term trend is neutral. According to the H4 time frame, we can observe supply in a high volume. Our Fibonacci retracement 61.8% at the level of $1,181.00 was held successful. I am still expecting bullish movement, so my advice is to focus on buying positions. The first resistance level is around $1,200.00. According to the 30-minute time frame, there is still a valid inverted head and shoulders formation (bullish). I found corrective downward channel according to 30min timeframe, and the price broke and re-tested that channel, which is sign for potential bullish movement.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,189.00
R2: 1,192.75
R3: 1,198.13
Support levels:
S1: 1,178.65
S2: 1,175.30
S3: 1,170.10
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities (buy on dips).
