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Since our last analysis, gold has been trading upwards. The price tested the level of $1,270.71 in an ultra high volume. I found re-validation of our upward channel. Strong resistance level is set at the price of $1,282.80. Watch for a potential breakout of resistance to confirm further upward continuation. If the price breaks the level of $1,282.80 in a high volume, we may see potential testing of $1,308.00. According to the 30M time frame, I found solid intraday buying point around the price of $1,262.00 (previous swing high became support). The intraday take profit level is set at the price of $1,278.00-$1,282.80.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,264.95
R2: 1,273.75
R3: 1,288.00
Support levels:
S1: 1,236.35
S2: 1,227.50
S3: 1,213.25
Trading recommendations for today: be careful when selling gold, watch for buying opportunities on the dips.
The material has been provided by InstaForex Company - www.instaforex.com