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Overview:
Gold has been trading sideways around $1,171.00. We can observe a gap zone between the levels of $1,175.00 and $1,181.00. Our gap zone is broken since the price has tested the level of $1,171.00. I am waiting for stronger price actions and a larger volume. In the daily time frame, we can observe a bearish bar in a volume above the average. Selling looks risky at this stage, because we got major support around $1,168.88 - $1,162.00. I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the level of $1,183.00, Fibonacci retracement 50% at $1,188.00, and Fibonacci retracement 61.8% at %1,192.00. The short-term trend is bearish. Watch for selling opportunities if the price breaks major support.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,178.00
R2: 1,181.00
R3: 1,187.00
Support levels:
S1: 1,166.75
S2: 1,164.00
S3: 1,158.50
Trading recommendations:. Be careful when selling gold since we can observe a strong suppot level around the price of of $1,162.00. Watch for selling opportunities just below the level of $1,162.00.
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