Since our last analysis, gold has been trading sideways around the price of $1,150.00. According to the daily time frame, we can observe a strong supply bar in a high volume. I placed diagonal trendline and the price stoped extacly on it. Our Fibonacci retracement 50% at the price of $1,155.00 held successfully. So far, we can observe strong support around the price of $1,145.00. Be careful when buying since we have signs of weakness in the background. Watch for potential breakout of the support and try to sell after retracement.
Daily Fibonacci pivot points:
Trading recommendations: The strong sign of the weakness is in the background. Watch only for selling opportunites if the price breaks the support.
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