Since our previous analysis, gold has been moving upwards. The price tested the level of $1,247.55 in a high volume. The price had reached my take profit level at $1,231.00 before the strong bullish movement started. According to the 30M time frame, I found volume spike (ultra high volume) and a strong bullish bar (sign for strength). After the strong upward bar I found no power from sellers to react. It means that strong holders (smart money) are very strong and they are supporting the upward movement. There is ab upward diagonal trend line, which held very successfully. Watch for buying opportunities on the dips. The first take profit level is set at the price of $1,247.50 and the second take profit level is set at the price of $1,25300 (Fibonacci retracement 61.8%).
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,245.90
R2: 1,249.00
R3: 1,254.75
Support levels:
S1: 1,236.00
S2: 1,233.40
S3: 1,228.50
Trading recommendations for today: be careful when selling and watch for buying opportunities on the dips.
