Since our last analysis, gold has been trading upwards. The price tested the level of $1,259.94 . Our head and shoulders formation is still active. I found successful rejection from the neckline, which is a good sign for further downward movement. According to the 4H time frame, I found that weakness appeared. According to the 5M time frame, I found a volume spike (buying climax) and a strong sign of weakness. Later on, we saw up-thrust bars and no demand bars, which confirmed professional selling. First, take profit level is set at the price of $1,240.00.
Daily Fibonacci pivot points:
Trading recommendations for today: be careful when buying gold, watch for selling opportunities on rallies.