Overview:
Since our last analysis, gold has been trading sideways, around the price of 1,292.00 on volume below the average. According to the daily timeframe, we can observe indecision bar on very low volume and strong bullish reactions in the background from our support at 1,277.00 on higher volume, which is a sign that short-term selling looks very risky. According to the 4h timeframe, we can observe another strong bar on very bullish bar high volume, which is a sign that we may see possible bullish movement. We can conclude that the price of 1,305.00 (swing low) is strong resistance and just if the price breaks that level on hgiher volume we may see further bullish continuation. Intraday resistance level is the price of 1,294.00 (previous swing highs). Be careful with selling since we got the second rejection from our Fibonacci zone in the background.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,293.51
R2: 1,294.25
R3: 1,295.43
Support levels:
S1: 1,291.15
S2: 1,290.41
S3: 1,289.23
Trading recommendation: Trading the metal, be careful with short-term selling since we've got strong rejections from our Fibonacci ratios.
