Overview:
Since our last analysis, gold has been trading upwards, as we expected, the price tested the level of 1,277.00. 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 1,277.00, we may see possible testing the level of 1,283.00 (swing low like resistance). According to the 4H timeframe, we can observe weak demand, which is a sign that we may see potential bearish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,275.47
R2: 1,279.03
R3: 1,284.80
Support levels:
S1: 1,263.93
S2: 1,260.37
S3: 1,254.60
Trading recommendation: Be careful with buying at this stage since the price is near resistance.
