Since our last analysis, gold has been trading downwards. As I had expected, the price tested the level of $1,052.56. In the daily time frame, I found a supply bar and rejection from the SMA10. Our strong support around the levels of $1,075.00-$1,080.00 has become strong resistance (changing polarity) now. In the M30 time frame, we can observe low activity (low volume) and I found intraday trading range between the price of $1,061.20 and the price of $1,052.65. 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 I saw a breakout of the diagonal trend line. Watch for potential selling opportunities.