Since our previous analysis, gold has been trading downward. As I expected, the price tested the level of $1,257.42 in a high volume. According to the daily time frame, I found 50-simple moving average on the test. According to the 4H time frame, there is 200-simple moving average on the test. So, be careful when selling at this stage, since we may see potential upward reaction. I found supply trendline according to the 4H time frame, watch for potential breakout of trend line to confirm a further upward movement. The first upward target is set at the price of $1,271.00
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,271.00
R2: 1.274.00
R3: 1,278.50
Support levels:
S1: 1,262.50
S2: 1,260.00
S3: 1,255.60
Trading recommendations for today: Selling gold looks risky at this stage. So, watch for potential buying opportunities.
