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    GBP/CHF Reached 1.4820 Levels

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    Overview:

    Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,232.18 in a high volume. We can observe demand in a high volume but weak price action in the daily time frame. The short-term trend is bullish. The daily resistance at the level of $1,224.00 is on the test. If the price breaks the level of $1,224.00 in a high volume and strong price action takes place, we may see possible testing at the level of $1,250.00 (Fibonacci expansion 100%). Be careful when selling and watch for potential buying opportunities on dips. I found support area around the levels of $1,210.00-$1,214.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,224.60

    R2: 1,225.30

    R3: 1,226.15

    Support levels:

    S1: 1,222.80

    S2: 1,222.00

    S3: 1,221.35

    Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities (buy on dips).


    Uitgevoerd door, Analytische expert
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