Since our last analysis, gold has been trading upwards. The price tested the level of $1,243.84 in a high volume. Anyway, price respected strong resistance cluster at the level of $1,243.00 (previous swing low, downward trend line).To confirm further upward movement, I would like to see a breakout of the $1,245.50. According to the daily time frame, I found strong close of the bar in healthy volume. Watch for a successful breakout of $1,245.50 and then try to buy on the dips with the first target near the level of $1,259.00. Anyway, if we don't see a breakout of $1,245.50, the price may visit the level of $1,212.50 (support).
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,245.00
R2: 1,251.50
R3: 1,262.00
Support levels:
S1: 1,223.15
S2: 1,217.30
S3: 1,206.00
Trading recommendations for today:Watch for potential breakout of $1,245.50 to confirm further upward movement.
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