Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,129.98. According to the daily time frame, we can observe a weak demand bar (no demand bar) in the background. Anyway, we saw weakness in Fridays’s price action in the H1 time frame. We got a buying climax with a wide spread and supply coming in. Watch only for selling opportunities after retracement. Strong support is found at the level of $1,117.50. If the price breaks this support level, we will get the second support around $1,111.00. According to the H1 time frame, we can observe signs of weakness.
Daily Fibonacci pivot points:
Trading recommendations: The strong sign of weakness is seen on the background. Watch only for selling opportunites after retracement.
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