Since our last analysis, gold has been trading sideways around the level of $1,107.00. The trend is downward. According to the daily time frame, we can observe a demand in an average volume but with a weak close . According to the H1 time frame, we can observe demand with a weak close, which is a sign that buying gold around the level of $1,107.00 looks risky. Support is found at the level of $1,101.00. I am still neutral, but selling opportuniites are preferable after retracement.
Daily Fibonacci pivot points :
Trading recommendations: We can see signs of the weakness on the H1 chart. The trend is downward. Watch for selling opportunities after retracement.
The material has been provided by InstaForex Company – www.instaforex.com