Since our previous analysis, gold has been moving upwards. The price tested the level of $1,252.30 in a high volume. I found a broken downward channel according to the H4 time frame, which is a sign that selling gold at this stage looks risky. Watch for potential buying opportunities on dips. The take profit level is set at the price of $1,278.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,249.00
R2: 1,251.20
R3: 1,255.00
Support levels:
S1: 1,241.70
S2: 1,239.00
S3: 1,235.40
Trading recommendations for today: Watch for potential buying opportunities on dips.
