Since our previous analysis, gold has been moving upwards. The price tested the level of $1,248.54 in a high volume. According to the 5M time frame, I found upward pressure and successful testing of supply in a low volume. Watch for buying opportunities on dips. The trend is upward. Intraday take profit level is set at the price of $1,248.40. The second upward target is set at the price of $1,257.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,251.10
R2: 1,252.50
R3: 1,254.90
Support levels:
S1: 1,246.30
S2: 1,244.80
S3: 1,242.40
Trading recommendations for today: Be careful when selling gold and watch for buying opportunities.
