Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,074.45. In the daily time frame, I found a demand bar and inside-bar formation. Our SMA 10 is now on the test. Our strong support around the levels of $1,075.00-$1,080.00 has become the strong resistance (changing polarity) now. In the M30 time frame, we can observe testing of the level of $1,074.00 (strong intraday resistance). The next strong daily support is seen around the level of $1,046.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,068.15
R2: 1,072.10
R3: 1,078.60
Support levels:
S1: 1,055.20
S2: 1,051.25
S3: 1,044.80
Trading recommendations: Be careful when buying gold as the price is testing the resistance level now and gold is in the strong downward trend. Watch for potential selling opportunities.
