Since our last analysis, gold has been trading upwards. The price tested the level of $1,245.73. In the daily time frame, I found a demand bar in a volume below the average. Intraday buying looks risky because I found a strong resistance cluster at the price of $1,246.00. We got few signs of potential distribution by professional market players.
1. Massive buying climax in the backgorund
2. Up-thrust strong sign of weakness
3. Weak demand near climactic cluster
Watch for potential selling opportunities on the rallies. First take profit is set around the price of $1,209.00.
Daily Fibonacci pivot points:
Trading recommendations for today: Be careful when buying gold and watch for potential selling opportunities on the raillies.