Recently, gold has been moving downwards. As I expected, the price tested the level of $1,151.13 in a high volume. My targets from Friday have been met. According to the 30M time frame, I found strong selling presure and watch for selling opportunities. The price took off Firday's low at the level of $1,155.95. I have placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 61.8% at the price of $1,149.45 and Fibonacci expansion 100% at the price of $1,142.70.
Resistance levels:
R1: 1,160.85
R2: 1,161.60
R3: 1,162.75
Support levels:
S1: 1,158.60
S2: 1,157.90
S3: 1,156.70
Trading recommendations for today: Watch for potential selling opportunities.
