Since our previous analysis, Gold has been moving upwards. As I expected , the price reached our first take profit level at $1,232.80. An accumulation phase took place and we got the strong effect (upward movement) from professionals. According to the 30M time frame, I found a massive volume spike (selling climax) in the background followed by a reversal up-thrust bar (demand overcame supply). Today we can observe again successful testing of supply in a low-average volume, which is a strong sign for me that professional money is still interested in an upward price. Watch for buying opportunities on the dips. Take profit level is set near the price of $1,241.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,220.70
R2: 1,222.50
R3: 1,225.37
Support levels:
S1: 1,215.10
S2: 1,213.40
S3: 1,210.70
Trading recommendations for today: watch for buying opportunties on the dips.