Recently, the gold has been trading downwards. As I expected, the price tested the level of $1,248.00. Anyway, on the 15M time frame, I found a fake breakout of the yesterday's low at the price of $1,249.80. There is also a hidden bullish divergence on the moving average osiclator, which is another sign of potential strength. My advice is to watch for buying opportunities. I have placed Fibonacci retracement to find potential upward targets. I got Fibonacci retracement 50% at the price of $1.255.55 and Fibonacci reracement 61.8% at the price of $1,257.40. The final target is set at $1,262.50.
Resistance levels:
R1: $1.261.70
R2: $1,264.80
R3: $1,270.00
Support levels:
S1: $1,251.50
S2: $1,248.40
S3: $1,243.50
Trading recommendations for today: watch for potential buying opportunities.
