Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,322.23 in a high volume. The second take profit level at the price of $1,326.50 from yesterday has been met. The intraday trend is downward. So, be careful when buying Gold at this stage and watch for selling opportunities. Using the market profile analysis, I found strong peak (resistance) at the price of $1,326.50. This level may be a good level to add selling positions. Next downward target is set at the price of $1,320.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,327.80
R2: 1,328.00
R3: 1,328.30
Support levels:
S1: 1,327.20
S2: 1,327.00
S3: 1,326.70
Trading recommendations for today: Intraday downward trend. Watch for selling opportunities on the pullbacks.
