Since our previous analysis, gold has been trading downward. As I expected, the price tested the level of $1,261.08 in a high volume. The analysis from yesterday is still active and it is a good progress so far. I found a massive sell-off in a heavy volume in the background, which is a sign that buying looks very risky and that selling opportunities are preferable. According to the 4H time frame, there is testing of Fibonacci expansion 100% at the price of $1,262.00. If the price breaks the level of $1,262.00 in a high volume, we may see further downward continuation and potential testing of $1,240.00.
Daily Fibonacci pivot points:
Trading recommendations for today: Be careful when buying and watch for selling opportunities on pullbacks.