Since our last analysis, gold has been trading downwards. The price tested the level of $1,124.11. The intraday trend is downward, so watch only for selling opportunities after retracement. In a daily time frame, we can observe a supply bar in an average volume. In the M15 time frame, we can observe a successful rejection from a point in the control zone ($1,133.25). According to the daily price action, we got support levels at t$1,121.50 and $1,102.00. Today, we got 2 point of control. One is at the level of $1,132.40 and second is at the level of $1,126.50.
Daily Fibonacci pivot points :
Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities after retracement.
The material has been provided by InstaForex Company – www.instaforex.com