Overview:
Gold has been trading sideways around the price of $1,202.00. In the daily time frame, we can observe a strong bullish bar in a volume below the average. According to the M15 time frame, I found trading range between the prices of $1,205.00 and $1,198.00. I am waiting for a stronger price action and breakout to confirm further direction. I placed Fibonacci retracement to find potential resisntace and got Fibonacci retracement 61.8% at the price of $1,205.00. If the price breaks the level of $1,205.00 in a high volume and strong price action, we may see possible testing of the level of $1,216.00 (Fibonacci expansion 61.8%).
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,205.00
R2: 1,210.00
R3: 1,220.00
Support levels:
S1: 1,188.00
S2: 1,183.00
S3: 1,174.00
Trading recommendations: I found trading range between the prices of $1,205.00 and $1,198.00. Wait for clear breakout with high volume to confirm further direction.
