Since our last analysis was published, gold has been trading downwards. The price tested the level of $1,225.58 in an average volume. It can be seen in the daily time frame chart, that the price broke the upward trend line (support) and confirmed potential continuation of a downward trend. In the H4 time frame, I found a broken trend line, and we may expect potential testing of $1,240.00. Take profit is set at $1,192.50. Watch for potential selling opportunities on rallies.
Daily Fibonacci pivot points:
Trading recommendations for today: be careful when buying gold, watch for selling opportunities on rallies.