Since our previous analysis, Gold has been trading sideways at the price of $1,314.00. According to the 1H time frame, I found upward correction in progress but be careful since I expect further downward continuation. The short-term trend on Gold is downward and my advice is to watch for selling opportunities. Today, I found down fractal at the price of $1,311.88. A pending order (sell stop) at the price of $1,311.78 would be a good idea at this point. The first take profit level is set at the price of $1,309.00 - $1,305.50.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,319.30
R2: 1,322.64
R3: 1,328.15
Support levels:
S1: 1,308.50
S2: 1,305.00
S3: 1,299.85
Trading recommendations for today: Watch for selling opportunities.
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