Since our previous analysis, gold has been trading downward. As I expected, the price tested the level of $1,220.35 in a high volume. According to the 15M time frame, I found strong downward momentum and a few up-thrust bars (supply overcame demand). I also found resistance cluster at the price of $1,222.60, which was held successfully. Buying gold at this stage looks very risky. Both targets from the previous forecast were met. The next downward target is set at the price of $1,211.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,236.00
R2: 1,240.00
R3: 1,246.50
Support levels:
S1: 1,223.10
S2: 1,219.00
S3: 1,212.50
Trading recommendations for today: Strong downward momentum is in the market. Be careful when buying and watch for selling opportunities on pullbacks.
