Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of 1,323.61 in an ultra high volume according to the 4H timeframe. According to the daily timeframe, we can observe demand in a volume above average as well as testing our Fibonacci retracement 61.8% at the price of 1,324.70. According to the 4H timeframe we can observe strong rejection in very high volume from our Fibonacci retracement 61.8%. So, we may expect testing the level of 1,291.00 (Fibonacci expansion 61.8%) in the nearest term.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,324.25
R2: 1,330.81
R3: 1,341.43
Support levels:
S1: 1,303.01
S2: 1,296.45
S3: 1,285.83
Trading recommendations: Be careful with buying and watch for potential selling opportunities after retracement.
