Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,313.28 in a high volume. My take profit from yesterday at the price of $1,314.30 has been reached. Anyway, the price rejected from the level of $1,314.00 and we can observe a corrective phase. Using the market profile, I found a strong point of control at the price of $1,327.80-$1,328.40. The trend is still downward but watch for a potential end of the bullish corrective phase and then watch for selling opportunities. The levels of $1,324.00-$1,328.00 looks good to establish selling positions. Take profit level is set at the price of $1,313.30.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,323.00
R2: 1,325.45
R3: 1,329.00
Support levels:
S1: 1,315.80
S2: 1,313.60
S3: 1,309.90
Trading recommendations for today: Watch for potential selling opportunities after the upward correction.
