Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,062.32. In the daily time frame, I found an inside-bar formation with support at the level of $1,058.15 and resistance at the level of $1,088.50. Our daily SMA10 is flat. According to the H1 time frame, I placed Fibonacci retracement and Fibonacci expansion to find potential strong support and found strong support level at the price of $1,062.00 (Fibonacci retracement 61.8% and Fibonacci expansion 100%). If the price breaks the level of $1,062.00 in a high volume, we may see potential testing of the level of $1,050.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,074.95

R2: 1,076.20

R3: 1,078.25

Support levels:

S1: 1,070.80

S2: 1,069.60

S3: 1,067.50

Trading recommendations: Watch for a potential breakout of our inside-bar formation to confirm further direction.