Overview:
Since our last analysis, gold has been trading upwards, as we expected, the price tested the level of 1,273.09 on volume above the average. As you can see in the graph, the price rejected successfully from our Fibonacci 61.8% at the price of 1,257.00. I have placed Fibonacci expansion levels to find potential upper station and I got Fibonacci expansion 61.8% at the price of 1,283.00. According to the 4H timeframe, we can observe strong bullish reaction on ultra high volume (buying climax) from our Fibonacci retracement 61.8%, which is a sign that we may see possible bullish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,273.75
R2: 1,277.41
R3: 1,283.33
Support levels:
S1: 1,261.91
S2: 1,258.25
S3: 1,252.33
Trading recommendation: Be careful with selling at this stage since we got rejecection from Fibonacci level in the background.
