Since our previous analysis, gold has been trading downwards. The price tested the level of $1,331.56 in a high volume. According to the 30M time frame, I found that Gold is in a strong downward bias. I found a resistance cluster at the price of $1,337.45. The price respected this resistance and created up-thrust, which is a sign that buying looks risky. My advice is to watch for selling opportunities on the pullbacks. Point of control for today is set at the price of $1,333.50. Major support today is set at the price of $1,331.80.
Hourly Fibonacci pivot points:
Resistance levels:
R1: 1,340.90
R2: 1,341.60
R3: 1,342.00
Support levels:
S1: 1,338.50
S2: 1,337.70
S3: 1,336.50
Trading recommendations for today: Buying looks risky, watch for selling opportunities.
