Since our previous analysis, gold has been moving upwards. As I expected, the price tested the level of $1,259.60 in a high volume. The price reached my take profit level at $1,253.00. Anyway, today according to the 15M time frame, I saw a lack of demand around the price of $1,259.00, which is a sign that we may see the potential downward correction. Even if it is still the short-term uptrend, I found resistance cluster and weakness has appeared. So, my advice is to watch for potential selling opportunities. The first take profit level is set at the price of $1,251.30 and the second take profit level is set at the price of $1,246.20.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,248.90
R2: 1,249.75
R3: 1,251.50
Support levels:
S1: 1,246.20
S2: 1,245.40
S3: 1,244.00
Trading recommendations for today: Be careful when buying gold at this stage and watch for potential selling opportunities.
