Since our previous analysis, gold has been trading downwards. The tested level of $1,316.89 in a high volume. According to the 30M time frame, I found a broken trading range, which is a sign that we may see downward pressure. Watch for selling opportunities on the pullbacks. Critical support today will be at the price of $1,312.20. If the price can't break the level of $1,312.20 in a high volume, we may see rejection. Anyway, if the price breaks the level of $1,312.20, there is chance for larger downward movement.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,332.97
R2: 1.334.60
R3: 1,337.20
Support levels:
S1: 1,327.80
S2: 1,326.20
S3: 1,323.60
Trading recommendations for today: Buying looks risky, watch for selling opportunities.
