Overview:
Since our last analysis, gold has been trading upwards, as we expected, the price tested the level of 1,305.17. As you can see in the chart, our Fibonacci retracement 61.8% at 1,290.00 took place successfully, and that caused the price to start upward movement and test the level of 1,305.64 on volume above the average. According to the Daily timeframe, we can observe strong bullish reactions in the background from our support 1,277.00 on higher volume, which is a sign that short-term selling looks very risky. According to H4 timeframe, we got strong rejection from our Fibonacci retracement 61.8% (1,290.00). I found a potential resistance level at the price of 1,305.00 (swing low). If the price breaks the level of 1,305.00 on higher volume, we may see possible tetsting the level of 1,315.00 (previous swing high). Be careful with selling and watch for buying opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,293.25
R2: 1,294.09
R3: 1,295.47
Support levels:
S1: 1,290.49
S2: 1,289.65
S3: 1,288.27
Trading recommendation: Trading the metal, be careful with short-term selling since we got rejection from our Fibonacci retracement 61.8%.
