Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of 1,318.17 in a volume below average according to the 4H timeframe. According to the daily timeframe, we can observe supply in a volume above average as well as testing our Fibonacci retracement 61.8% at the price of 1,324.70. We can observe strong buying climax in the background according to the 4H timframe. Gold is now in a bullish corrective phase. I have placed Fibonacci expansion to find potential resistance and I got Fibonacci expansion 61.8% at the price of 1,323.00 and Fibonacci expansion 100% at the price of 1,336.00. Support level is still around the price of 1,291.00.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,312.42
R2: 1,313.02
R3: 1,307.97
Support levels:
S1: 1,310.52
S2: 1,309.92
S3: 1,308.97
Trading recommendations: Be careful with buying and watch for potential selling opportunities after retracement.