Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,317.79 in a high volume. The third take profit level at the price of $1,320.20 from yesterday has been met. The intraday trend is still downward. So, be careful when buying gold at this stage and watch for selling opportunities. Using the market profile analysis, I found yesterday's point of control at the price of $1,325.30. Watch for selling opportunities on pullbacks. Next downward targets are set at the prices of $1,314.50 and $1,308.50.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,329.90
R2: 1,332.15
R3: 1,335.85
Support levels:
S1: 1,322.55
S2: 1,320.25
S3: 1,316.55
Trading recommendations for today: Intraday downward trend. Watch for selling opportunities on pullbacks.
