Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of $1,239.06. Our support at $1,196.00 successfully held again. In the daily time frame, I found a demand bar in an average volume. At this stage selling looks risky. According to the H4 time frame, I found a failed attempt from sellers to absorb buying climax in the background. Our key MA`s are heading upwards (upward trend). The key resistance level is seen at $1,262.70. If the price breaks the level of $1,262.70 in a high volume, we may see potential testing of $1,307.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,233.80
R2: 1,240.00
R3: 1,249.00
Support levels:
S1: 1,214.00
S2: 1,208.00
S3: 1,198.50
Trading recommendations: be careful when selling gold and watch for potential buying opportunities on dips.