Since our previous analysis, gold has been trading downwards. The price tested the level of $1,336.58 in a high volume. According to the 30M time frame, I found that sellers lost their power and that we may see a change in trend dynamic. Today I found that support at the price of $1,327.50-$1,330.00 held successfully. The price rejected few times from support, which is a sign that buyers took control over buyers today. Be careful when selling and watch for buying opportunities. I placed Fibonacci expansion to find potential upward targets and got the Fibonacci expansion 100% at the price of $1,342.00 and Fibonacci expansion 161.8% at the price of $1,351.95.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,338.90
R2: 1.343.35
R3: 1,350.50
Support levels:
S1: 1,324.40
S2: 1,320.80
S3: 1,313.10
Trading recommendations for today: Selling looks risky, watch for buying opportunities.
