Overview :

Since our last analysis, gold has been trading downwards. The price has tested the level of $1,163.63 in an ultra high volume (selling climax), according to the daily time frame. Our major Fibonacci retracement 61.8% at the price of $1,197.00 got broken. The price rejected from the support level of $1,167.00. According to the H4 time frame, we can observe demand in a volume below the average. Be very careful when selling gold at this stage since we may see a potential absorption volume. Any larger reaction from buyers may cofnrim further bullish phase. We have the first resistance around the price of $1,190.00.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,175.04

R2: 1,175.97

R3: 1,177.54

Support levels :

S1: 1,172.54

S2: 1,170.90

S3: 1,170.04

Trading recommendations: Watch for potential buying opportunities after a retracement (buy on the dips).