Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,104.83. According to the daily time frame, we can observe an upward bar in a volume above the average (reversal up-thrust). According to the H1 time frame, we can observe fake breakout of our support level at the price of $1,086.00. The price had back to our trading range between the price of $1,086.00 and the price of $1,118.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,100.00
R2: 1,102.00
R3: 1,103.00
Support levels:
S1: 1,095.00
S2: 1,094.70
S3: 1,092.00
Trading recommendations: Be careful when selling gold at this stage since we have a fake breakout in the background.
