Since our previous analysis, gold has been moving upwards. As I had expected, the price tested the level of $1,289.65 in a high volume. The trend is upward but according to the 1H time frame, I found a broken upward trend line (demand trend line), which is a sign that sellers took control over buyers and that buying gold at this stage looks risky. I saw successful re-test of the demand trend line. So, watch for selling opportunities. I have placed the Fibonacci retracement to find potential downward targets. I got the Fibonacci retracacement 38.2% at the price of $1,269.00, Fibonacci retracement 50% at the price of $1,262.25, and Fibonacci retracement 61.8% at the price of $1,255.55.
Daily Fibonacci pivot points:
Trading recommendations for today: Be careful when buying and watch for selling opportunities.