Overview:

Since our last analysis, gold has been trading upwards. As I had expected, the price tested the level of $1,083.54 in a high volume. Considerable progress was made since my original bullish trading idea. In the daily time frame, our SMA 10 was broken and this is the first sign of a potential change in the trend's dynamic. According to the H1 time frame, the price was rejected at the key support level of $1,069.00. I expect it to test the level of $1,088.50. I had placed Fibonacci expansion to find potential profit targets. I got Fibonacci expansion 61.8% at the level of $1,092.50, Fibonacci expansion 100% at the level of $1,108.00 and Fibonacci expansion 161.8% at the level of $1,134.50.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,077.86

R2: 1,080.50

R3: 1,083.30

Support levels:

S1: 1,071.15

S2: 1,069.00

S3: 1,065.70

Trading recommendations: Be careful when selling gold because we can observe strong demand in the background. Watch for potential buying opportunities on dips.