Since our previous analysis, gold has been moving upwards. The price tested the level of $1,271.48 in a high volume. The trend is upward. According to the 30M time frame, I found a delta level at the price of $1,264.50. The level of $1,264.50 looks like a solid support. Watch for potential buying opportunities on the dips. The first take profit level is set at the price of $1,271.00. Anyway, if the price breaks the level of $1,264.50, we may see downward movement and potential testing of $1,257.20.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,271.55
R2: 1,274.90
R3: 1,280.35
Support levels:
S1: 1,260.70
S2: 1,257.00
S3: 1,251.40
Trading recommendations for today: Be careful when selling and watch for buying opportunities on the dips.
