Since our previous analysis, gold has been trading upwards. The price tested the level of $1,327.58 in a high volume. According the M30 time frame and market profile, I found a strong point of control at the price of $1,327.00 and the price successfully rejected from that level. I found a potential bearish flag. So, watch for a potential breakout to confirm downward movements. A downward target is set at the price of $1,315.90-$1,314.60.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,324.40
R2: 1,326.85
R3: 1,333.80
Support levels:
S1: 1,316.50
S2: 1,314.10
S3: 1,310.20
Trading recommendations for today: Intraday downward trend. Watch for selling opportunities if the price breaks the potential bearish flag.
