Overview:
Since our last analysis, gold has been trading downwards. As I had expected, our profit target at $1,046.21 was met. In the daily time frame, I found a strong supply bar and rejection from our SMA 10. In the M30 time frame, as I had expected, the price reacted from intraday support at $1,046.00. Watch for a potential breakout of $1,046.00 to confirm further downward continuation. Intraday resistance is now at the level of $1,054.00. Next daily support level is seen at $987.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,065.03
R2: 1,069.75
R3: 1,077.35
Support levels:
S1: 1,049.85
S2: 1,045.15
S3: 1,037.50
Trading recommendations: Be careful when buying gold because we have a strong rejection from our resistance and gold is in the strong downward trend. Watch for potential selling opportunities.
