Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,078.30 in an average volume. In the daily time frame, I found potential testing of 50 SMA. Be careful when buying gold at this stage. An intraday trend is neutral. Short- and mid-term trends are downward. In the H4 time frame, the price is well above SMA 50 and 100, but moving averages are flat. According to the M30 time frame, I found a volume spike and very wide spread of the bar (buying looks very risky). I found symmetrical triangle (trend continuation pattern) and the price is trying to break upside, but in my opinion, we may see a potential fake breakout to the upside so be careful when buying. I expect testing of $1,050.00. I would like to see a breakout in a high volume at $1,046.00 confirming the trend-continuation pattern.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,064.60
R2: 1,065.65
R3: 1,067.30
Support levels:
S1: 1,061.20
S2: 1,060.20
S3: 1,058.50
Trading recommendations: Watch for potential selling opportunities, buying looks risky.
