Since our previous analysis, gold has been trading upwards. The price tested the level of $1,219.70 in an average volume. According to the 30M time frame, I found an upward channel. We can observe successful testing of the upward diagonal, which is a sign that selling looks risky. I found a narrow spread of the bar and with low volume (successful test). Watch for buying opportunities. Take profit level is set at the price of $1,222.00 and $1,231.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,220.60
R2: 1,223.00
R3: 1,226.90
Support levels:
S1: 1,212.90
S2: 1,210.50
S3: 1,206.60
Trading recommendations for today: Be careful when selling gold and watch for buying opportunities.