Overview:
Since our last analysis, gold has been trading upwards. As I anticipated, the price tested the level of $1,127.87 in a high volume. An intraday short-term trend is upward. The price broke our resistance level of $1.111.50 and I found successful re-test, which is a sign that we may see further upward movements. Also. the pair is trading well above all key MA`s (SMA 50,100,150,200) according to the H4 time frame. The take-profit zone is established around the level of $1,134.00 (Fibonacci retracement 61.8%, daily SMA 200). Watch for buying opportunities on dips.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,125.85
R2: 1,128.20
R3: 1,131.90
Support levels:
S1: 1,118.20
S2: 1,115.19
S3: 1,112.15
Trading recommendations:Trading recommendations: watch for potential buying opportunities on dips.
