Overview:
Since our last analysis, gold has been trading upwards. As I expected, the price tested the level of $1,074.86. In the daily time frame, I found a weak supply bar, which is a sign that selling looks risky. The short-term trend is upward. In the 30M-time frame, we can observe successful re-testing of our channel and breakout of bullish flag, which made a good buy point around the price of $1,072.00. Also, price is above all moving averages on the M30 time frame.The first resistance is seen at the level of $1,080.00 and second at $1,088.70. The key price action resistance is around the price of $1,100.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,073.80
R2: 1,075.10
R3: 1,077.10
Support levels:
S1: 1,069.80
S2: 1,068.50
S3: 1,066.50
Trading recommendations: Watch for potential buying opportunites, selling looks risky.
