Since our previous analysis, gold has been trading sideways at the price of $1,264.15. According to the 30M time frame, I found rejection from a point of control at the price of $1,265.00, which is a sign that sellers are in control. The short-term trend is downward and my advice is to watch for selling oportunities. The downward target is set at the price of $1,242.40.
Fibonacci pivot points:
Resistance levels:
R1: 1,263.45
R2: 1,264.65
R3: 1,266.65
Support levels:
S1: 1,259.00
S2: 1,258.25
S3: 1,256.30
Trading recommendations for today: Watch for selling opportunties. Take profit level is set at the price of $1,242.40.
