Overview:
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,319.64 on volume above the average according to the 4H timeframe. According to the daily timeframe, we can observe successful rejection from our resisntace level at the price of 1,332.00, which caused price to start with downward movement. According to the previous price action, we got a support level at the price of 1,304.00 (Fibonacci retracement 38.2%). . I have placed Fibonacci retracement levels and I got Fibonacci retracement 61.8% around the price of 1,333.00. Be careful with buying and watch for potential selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,332.97
R2: 1,335.59
R3: 1,339.83
Support levels:
S1: 1,324.49
S2: 1,321.87
S3: 1,317.63
Trading recommendation: Be careful with buying at this stage since we have got buying climax in the background.