Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,179.20 in a very high volume. The short- and mid-term trend changed from downward to upward. In the daily time frame, we can observe a neutral bar in an average volume. In the H1 time frame, we can observe strong upward momentum and rejection from strong support cluster at the price of $1,165.00. Major resistance is at the price of $1,191.50.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,168.20

R2: 1,169.40

R3: 1,171.35

Support levels:

S1: 1,164.30

S2: 1,163.10

S3: 1,161.15

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities.