Overview:
Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,191.53 in a high volume. According to the daily time frame, we can observe demand in a volume below average. The short-term trend is neutral. Our Fibonacci retracement 61.8% at the level of $1,181.00 was held successful. I am still expecting bullish movement, so my advice is to focus on buying positions. The first resistance level is seen around $1,200.00. According to the 30-minute time frame, there is still a valid inverted head and shoulders formation (bullish). I found corrective downward channel according to 30min time frame and the price broke and re-tested that channel, which is a sign of potential bullish movement.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,189.60
R2: 1,190.00
R3: 1,191.00
Support levels:
S1: 1,187.65
S2: 1,187.30
S3: 1,186.50
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities (buy on dips).
Petar Jacimovic neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.
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