Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,151.51. According to the daily time frame, we can observe a demand bar in an average volume. According to Wyckoff analysis, we have strong accumulation and bottoming on gold, so watch only for buying opportunities on the dips (after bearish corrections). We also got a strong shakeout bar in the background so gold can be bullish in the mid-term. I have placed Fibonacci retracement to find potential resistance levels. We got Fibonacci retracement 50% at the price of $1,156.00 and Fibonacci retracement 61.8% at the price of $1,174.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,133.10

R2: 1,137.60

R3: 1,144.17

Support levels:

S1: 1,118.72

S2: 1,114.30

S3: 1,107.10

Trading recommendations: Watch only for buying opportuntiies on the dips (after corrections).