Overview:
Since our last analysis, gold has been trading downwards, the price tested the level of 1,258.69. As you can see in the graph, the price rejected successfully from our resistance level at 1,283.00 (swing low like resistance). I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 61.8% at the price of 1,257.60 (currently on the test). According to the 4H timeframe, we can observe bullish reaction from our Fibonacci retracement 61.8%, which is a sign that we may see possible bullish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,282.55
R2: 1,285.99
R3: 1,291.57
Support levels:
S1: 1,271.39
S2: 1,267.95
S3: 1,262.32
Trading recommendation: Be careful with selling at this stage since the price is on the Fibonacci level.
