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Overview:
Since our last analysis, gold has been trading upwards. As I expected, the price tested $1,200.68 in a very high volume. An intraday short-term trend is upward. An upward bar in a very high volume is seen in the daily time frame. Demand still presents in the market. Therefore, selling looks risky. I found resistance level at $1,190.00. If the price breaks the level of $1,190.00, we may see a potential test of $1,224.00 (Daily resistance). The M30 time frame shows that the bearish corrective phase is in progress, but I foresee a potential bullish flag. Watch for a potential breakout of the channel to confirm further intraday upward continuation. I placed Fibonacci expansion to find a potential end of the bearish corrective phase. I got Fibonacci expansion 61.8% at the level of $1,187.70 (successfully held), Fibonacci expansion 100% at the level of $1,183.00 and Fibonacci expansion 161.8% at the level of $1,175.60. Since gold is in an uptrend according to the lower time frames, watch for potential buying opportunities on dips.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,199.15
R2: 1,207.50
R3: 1,221.00
Support levels:
S1: 1,172.10
S2: 1,163.70
S3: 1,150.25
Trading recommendations: watch for a potential breakout of resistance and then try to buy on dips.
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