Overview :
Since our last analysis was published, gold has been trading upwards. As I expected, the price tested the level of $1,283.33 in an ultra-high volume. In the daily time frame, I found a supply bar, which is a sign of strength. According to the 30M time frame, I found buying climax on a new high and strong reaction from sellers later on, which is a sign of weakness. Intraday buying looks very risky at this stage. Watch for potential selling opportunities on rallies. first significant support is set at the level of $1,237.25.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,274.70
R2: 1,282.80
R3: 1,296.35
Support levels:
S1: 1,247.30
S2: 1,238.65
S3: 1,255.35
Trading recommendations for today: be careful when buying gold and watch for selling opportunities on rallies.
