Overview:
Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,189.62 in a high volume. An intraday trend is upward. In the daily time frame, our strong trading range $1,170.00 (resistance) to $1,098.50 (support) got finally broken. In the H1 time frame, we can observe weak supply around the price of $1,182.00. I placed major Fibonacci expansion to find potential objective points and got Fibonacci expansion 100% at the level of $1,191.00 and Fibonacci expansion 161.8% at the price of $1,247.00.
Daily Fibonacci pivot points :
Resistance levels
R1: 1,187.00
R2: 1,192.30
R3: 1,200.50
Support levels:
S1: 1,170.50
S2: 1,165.40
S3: 1,157.00
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities on dips. Next resistance level is seen around $1,191.00-$1,247.00.
