Since our last analysis, gold has been trading downwards. As we expected, the price has tested the level of $1,178.30 in a high volume. Accoridng to the daily time frame, we can observe supply in a volume below the average (weak supply). I have placed Fiobonacci retracement to find potential support levels. I have got Fibonacci retracement 38.2% at the price of $1,190.00 (already broken) and Fibonacci retracement 61.8% at the price of $1,172.00. Anyway, be careful when selling gold at this stage since we have a weak supply in the background.
Daily Fibonacci pivot points:
Resistance levels :
Support levels :
Trading recommendations: Be careful when selling gold at this stage since we have a weak supply in the background.
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