Since our last analysis, gold has been trading upwards. As we expected, the price went to test the level of $1,119.63. According to the daily time frame, we can observe a demand in a volume above the average. I found a strong trading range between the prices of $1,077.00 (support) and $1,108.00. According to the H1 time frame, we can observe strong demand (wide spread) in an ultra high volume (buying climax) in the background. Our resistance at the price of $1,119.00 is on the test agian. Watch for a potential breakout of our trading range to confirm further direction.
Daily Fibonacci pivot points:
Trading recommendations: Be careful when selling gold at this stage. Watch for a breakout of our trading range to confirm further direction. Buyers are in control in the short term today.
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