Since our previous analysis, gold has been sideways at the price of $1,216.60. According to the daily time frame, I found a reversal candle pattern, the Morning Star formation. Notice the volume on the bearish bar. It is very low, and this is a sign that sellers lost power and that reversal is possible. Stochastic oscillator is showing oversold level, which confirms the strength. Watch for buying opportunities. According to the 4H time frame, I found bullish harami candle pattern from the bottom. It is a good sign of a potential change in the trend dynamic. Upward targets are set at the price of $1,239.00 and $1,263.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,219.50
R2: 1,222.50
R3: 1,228.00
Support levels:
S1: 1,208.00
S2: 1,204.70
S3: 1,199.25
Trading recommendations for today: Be careful when selling gold and watch for buying opportunities.