Since our previous analysis, gold has been trading downwards. The price tested the level of $1,350.64 in a high volume. According to the 30M time frame, I found potential end of bullish corrective phase at the price of $1,362.70. The value area from previous day is lower, which is a sign that sellers are in control. Watch for selling opportunities. Take profit level is set at the price of $1,350.80.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,367.50
R2: 1.371.70
R3: 1,378.60
Support levels:
S1: 1,353.60
S2: 1,349.35
S3: 1,342.50
Trading recommendations for today: Buying gold looks risky, watch for selling opportunities.
