Overview:
Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,221.51 in an ultra high volume. According to the 4H time frame, we can observe strong rejection from our Fibonacci retracement 61.8% at the price of 1,229.00, which is a sign that buying looks very risky. I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 61.8% at the price of 1,218.00. Watch for potential selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,233.09
R2: 1,238.35
R3: 1,246.87
Support levels
S1: 1,216.05
S2: 1,210.79
S3: 1,202.97
Trading recommendations: Buying still looks risky since we got strong rejection from our Fibonacci retracement 61.8%