Since our previous analysis, gold has been trading downwards. The price tested the level of $1,350.21 in an ultra high volume. According to the 30M time frame, I found a bullish engulfing candle pattern in a high volume from the support at the price of $1,350.60. I am expecting higher price. Be careful when selling and watch for buying opportunities. The first take profit level is set at the price of $1,357.50. The second take profit level is set at the price of $1,359.90.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,367.20
R2: 1.371.50
R3: 1,378.90
Support levels:
S1: 1,353.00
S2: 1,348.50
S3: 1,341.30
Trading recommendations for today: Selling gold looks risky, watch for buying opportunities.
