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Since our last analysis, gold has been trading sideways at the price of $1,232.00. It can be seen on the daily time frame chart that the price broke the upward trend line (support) and confirmed potential continuation of a downward trend. According to the 30M time frame, I found a potential intraday bearish flag formation. Watch for a valid breakout of a bearrish flag to confirm a further downward price.Take profit is set at $1,192.50. Watch for potential selling opportunities on the rallies.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,235.40
R2: 1,237.60
R3: 1,240.50
Support levels:
S1: 1,229.40
S2: 1,227.50
S3: 1,224.50
Trading recommendations for today: be careful when buying gold, watch for selling opportunities on rallies.
