Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of 1,214.22. According to the 1H time frame, we can observe demand in a high volume in the background, which is a sign that selling gold at this stage looks risky. My advice is to watch for potential buying opportunities near the lows. According to the daily time frame, we got support level at the price of 1,172.00. Our Fibonacci retracement 61.8% at the price of 1,172.00 has been held successful, which caused price to start with upward movement. Our Fibonacci retracement 61.8 % at the price of 1,211.00 is on the test so be careful when selling gold at this stage. If the price breaks the level of 1,212.00 in a high volume, we may see a potential testing of the level of 1,237.00.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,215.06
R2: 1,226.13
R3: 1,244.76
Support levels:
S1: 1,185.36
S2: 1,166.73
S3: 1,155.66
Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).
