Overview:
Gold has been trading upwards. The price tested the level of $1,203.41. In the daily time frame, we can observe a strong bullish bar in a volume below the average. We got absorption volume near the price of $1,175.009 and that reaction caused the price to start moving upwards. Since our strong support around the price of $1,175.00 held successfully, selling gold looks risky. Major resistance is at the price of $1,225.00. The short-term trend has changed from neutral to bullish.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,185.50
R2: 1,189.00
R3: 1,194.00
Support levels:
S1: 1,174.00
S2: 1,170.20
S3: 1,165.00
Trading recommendations: Absorption volume in the background. Selling gold looks risky. Watch for potential buying opportunities on the dips.
