Since our last analysis was published, gold has been trading downwards. As I expected, the price tested the level of $1,247.83 in an average volume. In the daily time frame, we can observe weak supply, which is a sign of strength. In the M30 time frame, I found a strong support zone ((high volume zone) around the level of $1,249.00. I have placed Fibonacci expansion to find potential upward target and resistance level. I got Fibonacci expansion 61.8% at the level of $1,276.50. Watch for potential buying opportunities on dips.
Daily Fibonacci pivot points:
Trading recommendations for today: be careful when selling gold, watch for buying opportunities on dips.