Overview:
Since our last analysis, gold has been trading upwards, as we expected, the price tested the level of 1,267.71. As you can see in the graph, the price tested our resistance (swing low like resistance). We must wait to see what will happen around our resistance level, if the price breaks the level of 1,268.50 we may see possible testing the level of 1,273.50 (swing low like resistance). According to the 4H timeframe, we can observe demand on very high volume, which is a sign that selling still looks very risky.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,264.43
R2: 1,266.23
R3: 1,269.13
Support levels:
S1: 1,258.63
S2: 1,256.83
S3: 1,253.93
Trading recommendation: Be careful with selling since we got buying pressure with high volume on the market.
