Overview :

Since our last analysis, gold has been trading upward, the price tested the level of 1,305.64 on volume just above the average according to the daily chart. As you can see in the chart, our Fibonacci retracement 61.8% at 1,288.00 held successfully, and that caused price to start upward movement and test the level of 1,305.64. According to the 4H timeframe, we can observe strong bullish reaction (buying climax) from our Fibonacci level, which is a sign that selling looks very risky. I placed Fibonacci retracement to find potential end of bearish corrective phase and I got Fibonacci retracement 61.8% at the price of 1,288.00. I found potential resistance level at the price of 1,305.00 (swing low). If the price breaks the level of 1,305.00 on higher volume, we may see possible tetsting the level of 1,315.00 (previous swing high).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,298.07

R2: 1,300.33

R3: 1,304.00

Support levels:

S1: 1,290.73

S2: 1,288.47

S3: 1,284.80

Trading recommendation: Trading the metal, be careful with short-term selling since our major support level at the price of 1,277.00 held successfully