Since our previous analysis, gold has been moving upwards. The price tested the level of $1,280.64 in a high volume. Accorrding to the 15M time frame, I found successful testing of supply today, which is a sign that we may see an upward movement. The intraday trend is upward, so watch for buying opportunities on the dips. The level of $1,274.00 seems like a solid area to build buying positions. The first take profit level is set at the price of $1,280.50.The second take profit level is set around the price of $1,283.55.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,270.80
R2: 1,278.25
R3: 1,290.35
Support levels:
S1: 1,246.60
S2: 1,239.00
S3: 1,227.00
Trading recommendations for today: Be careful when selling gold at this stage and watch for potential buying opportunities.
