Since our last analysis, gold has been trading downward. As we expected, the price tested the level of $1,144.60. The intraday and short-term trends changed from upward to downward. In the daily time frame, we can observe a strong supply bar in a high volume. In the H1 time frame, we can observe a successful rejection from our strong resistance level at the price of $1,162.00. Besides, according to the H1 time frame, we can observe weak demand bars, which is a sign that buying looks risky. Watch for selling opportunities. Major daily support is at the price of $1,104.00.
Daily Fibonacci pivot points :
Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com