Since our previous analysis, gold has been trading downwards. The price tested the level of $1,313.38 in a high volume. According to the 30M time frame, I found a sign of strength in the background. There is a climax bar and very high volume down bar but closed in the middle. I saw successful testing of supply, which is a sign that sellers look risky. I have placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 100% at the price of $1,319.50 and Fibonacci expansion 161.8% at the price of $1,323.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,331.15
R2: 1,331.80
R3: 1,332.85
Support levels:
S1: 1,329.00
S2: 1,328.30
S3: 1,327.30
Trading recommendations for today: selling looks risky, watch for buying opportunities.
