Since our previous analysis, gold has been moving upwards. As I expected, the price tested the level of $1,262.45 in a high volume. The yesterday’s analysis is still valid. I found a broken downward channel according to the H4 time frame, which is a sign that selling gold at this stage looks risky. Watch for potential buying opportunities on dips. The take profit level is set at the price of $1,278.00.
Daily Fibonacci pivot points:
Trading recommendations for today: Watch for potential buying opportunities on dips.
The material has been provided by InstaForex Company – www.instaforex.com