Since our previous analysis, gold has been trading downwards. The price tested the $1,348.97 level in a high volume. According to the 1H time frame, I have found that Gold refused to break supply trendline and that is the reason for downward reaction. Gold is in an intraday downward trend and buying looks very risky. Watch for selling opportunities on pullbacks. The first take profit level is set at the price of $1,346.70.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,362.40
R2: 1,365.08
R3: 1,369.45
Support levels:
S1: 1,353.70
S2: 1,351.00
S3: 1,346.65
Trading recommendations for today: Buying looks risky, watch for selling opportunities.
