Since our last analysis, gold has been trading downwards. As I had expected, the price tested the level of $1,075.02. In the daily time frame, I found a supply bar in a high volume and rejection from our SMA10. Our strong support around the levels of $1,075.00-$1,080.00 became strong resistance (changing polarity) now. In the 1H time frame, I found very low activity and corrective movements. I have placed a diagonal trend line, and a potential breakout of this line will confirm a further continuation downwards. Next strong daily support is seen around the level of $1,046.00.
Daily Fibonacci pivot points:
Trading recommendations: Be careful when buying gold since the price is testing our strong resistance level. Watch for potential selling opporutnities.