Overview:
Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,191.53 in a high volume. According to the daily time frame, we can observe demand in a volume below average. The short-term trend is neutral. Our Fibonacci retracement 61.8% at the level of $1,181.00 was held successful. I am still expecting bullish movement, so my advice is to focus on buying positions. The first resistance level is seen around $1,200.00. According to the 30-minute time frame, there is still a valid inverted head and shoulders formation (bullish). I found corrective downward channel according to 30min time frame and the price broke and re-tested that channel, which is a sign of potential bullish movement.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,189.60
R2: 1,190.00
R3: 1,191.00
Support levels:
S1: 1,187.65
S2: 1,187.30
S3: 1,186.50
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities (buy on dips).
