Overview

Since our last analysis, gold has been trading sideways, around the price of 1,310.00, we are still waiting for a larger movement and larger volume. Our previous analysis is still active due to low activity on the market. As you can see in the graph, our major Fibonacci retracement 38.2% (1,315.55) is on the test, and if the price breaks the level of 1,315.00 on higher volume, we may see testing the levels of 1,330.00-1,344.00 (Fibonacci ratios) before any larger supply. Anyway, we found support level at the price of 1,305.00 (previous swing low), and if the price breaks the level of 1,305.00 on higher volume, we may see further bearish movement.. Any larger supply and reaction from our resistance zone may confrim further bearish phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,312.47

R2: 1,314.73

R3: 1,318.40

Support levels:

S1: 1,305.13

S2: 1,302.87

S3: 1,299.20

Trading recommendation: Trading the metal, be careful with short-term buying at this stage since price is testing Fibonacci retracement. Watch for selling opportunities after retracement.