Since our last analysis, gold has been trading downwards. As I expected, the price tested and reached our first take profit level at $1,242.00 (Fibonacci expansion 161.8%). Downward pressure started because of strong head and shoulders formation from the top and successful breakout of the neckline. Volume confirmed the HSS pattern and that is a reason for selling pressure on the market. The second take profit level is set at the price of $1,230.00.
Daily Fibonacci pivot points:
Trading recommendations for today: be careful when buying gold, watch for selling opportunities on rallies.