Overview:
Since our last analysis, gold has been trading sideways around the level of $1,071.00. In the daily time frame, I found a neutral bar, which is a sign that selling looks risky. An intraday trend is sideways. In the M30 time frame, I found another strong successful re-testing of our channel and a breakout of a bullish flag, which made a good buy point at the level of $1,072.00. I found a potential double bottom formation and a breakout of $1,076.50, which is likely to confirm it.The first resistance is seen at the level of $1,076.50 and second is at $1,088.70. The key resistance is seen around the level of $1,100.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,072.95
R2: 1,074.70
R3: 1,077.85
Support levels:
S1: 1,067.00
S2: 1,065.00
S3: 1,062.20
Trading recommendations: Watch for potential buying opportunites, selling looks risky.
