Since our previous analysis, gold has been trading downwards. The price tested the level of $1,340.65 in a high volume. According to the 30M time frame, there is an intraday downward trend. I found potential ending of ABC corrective phase, which is a sign that buying looks risky. Strong resistance level is set at the price of $1,346.00 (Fibonacci expansion 100% corective). My advice is to watch for selling opportunities on the pullbacks. First support is set at the price of $1,340.95. If the price breaks the level of $1,340.90 in a high volume, we may see potential testing of $1,335.50 (Fibonacci expansion 100%).
Hourly Fibonacci pivot points:
Resistance levels:
R1: 1,350.40
R2: 1,351.20
R3: 1,352.60
Support levels:
S1: 1,347.75
S2: 1,346.90
S3: 1,345.60
Trading recommendations for today: Buying looks risky, watch for selling opportunities.
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