Since our previous analysis, gold has been trading sideways at the price of $1,325.35. According to the 30M time frame, I found weakness and that price is respecting the 21SMA, which is sign that buying looks risky. My advice is to watch for selling opportunities on the pullbacks. The first take profit level is set at the price of $1,320.00 (swing low). Anyway, if the price breaks the level of $1,320.00 in a high volume, we may see potential testing of $1,316.50. The trend is downward. So, I expect a downward continuation.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,336.75
R2: 1.338.60
R3: 1,341.60
Support levels:
S1: 1,330.70
S2: 1,328.85
S3: 1,325.80
Trading recommendations for today: Buying looks risky, watch for selling opportunities.
