Recently, gold has been trading upwards. As I expected, the price tested the level of $1,237.14. According to the 30M time frame, I found head and shoulders formation (bearish), which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. The first target is set at the price of $1,223.00.
Fibonacci pivot points:
Resistance levels:
R1: 1,233.50
R2: 1,234.75
R3: 1,236.40
Support levels:
S1: 1,230.50
S2: 1,229.45
S3: 1,227.60
Trading recommendations for today: watch for potential selling opportunities.
