Since our previous analysis, Gold has been trading sideways at the price of $1,312.00. Investors are awaiting the US non-narm employment change report to establish positions. Anyway, according to the 4H time frame, I found a down fractal at the price of $1,302.20. Placing pending order (sell stop) at the price of $1,302.00 with stop loss at $1,318.00 and potential target at $1,263.15 is not bad idea. The trend is still downward.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,313.40
R2: 1,316.00
R3: 1,320.50
Support levels:
S1: 1,304.50
S2: 1,301.75
S3: 1,297.85
Trading recommendations for today: Watch for selling opportunities.
