Since our previous analysis, gold has been moving sideways at the price of $1,280.00. On the 4H time-frame chart, I found a broken downward channel (bullish flag) in a high volume, which is a sign that selling looks risky. I also found rejection from pivotal point at the price of $1,269.00, which is a strong sign that gold can rise. Watch for buying opportunities on the dips. The first take profit level is set at the price of $1,302.50.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,284.50
R2: 1,288.00
R3: 1,293.90
Support levels:
S1: 1,272.90
S2: 1,269.30
S3: 1,263.50
Trading recommendations for today: be careful when selling gold at this stage and watch for potential buying opportunities on the dips.
