Since our previous analysis, gold has been moving sideywas around the price of $1,235.00 in a high volume. I found a trading range between the prices of $1,238.10 (resistance) and $1,229.40 (support). Watch for a potential breakout of the trading range in a high volume to confirm further movements. I also found a downward channel and the price respects very well this channel. Selling positions are preferable. The first take profit is set at support ($1,229.40).
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,241.00
R2: 1,245.90
R3: 1,252.00
Support levels:
S1: 1,227.60
S2: 1,223.00
S3: 1,216.30
Trading recommendations for today: Watch for a potential breakout of the trading range to confirm further direction. Since i found the downward channel, selling positions are preferable.
