Since our previous analysis, gold has been moving upwards. The price tested the $1,285.78 level in a high volume. On the 4H time-frame chart, I found broken downward channel (bullish flag) in a high volume, which is a sign that selling looks risky. On the 5M time-frame chart, I found successful testing of supply in a low volume. Watch for buying opportunities on the dips. Take profit level is set at $1,301.50.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,289.00
R2: 1,293.00
R3: 1,299.50
Support levels:
S1: 1,276.00
S2: 1,272.00
S3: 1,265.50
Trading recommendations for today: be careful when selling gold at this stage and watch for potential buying opportunities on the dips.
