Since our previous analysis, gold has been trading downwards. The price tested the level of $1,265.34. According to the 30M time frame and using the market profile analysis, I found rejection of an extreme swing high at the price of $1,272.00, which is a sign of weakness. I placed FIbonacci expansion to find potential objective points. I got Fibonacci expansion 100% at the price of $1,260.90 and Fibonacci expansion 161.8% at the price of $1,253.70. Downward momentum on the gold. Watch for selling opportunities.
Fibonacci pivot points:
Resistance levels:
R1: 1,267.90
R2: 1,268.40
R3: 1,269.20
Support levels:
S1: 1,266.30
S2: 1,265.80
S3: 1,265.00
Trading recommendations for today: Weakness the Gold. Watch for selling opportunities on the pullbacks.
