Since our last analysis, gold has been trading upwards. As I expected, the price tested the level of $1,071.26. In the daily time frame, we can observe strong supply and a wide range of bars. Buying at this stage looks risky since the price rejected our strong resistance. The intraday trend is downward. According to the M30 time frame, the trend is strongly downward. The price rejected from our 100 SMA. Intraday target is set at the level of $1,071.00. Be careful when buying gold at this stage and watch for potential selling opportunities. The key support for gold is at the level of $1,046.00. The potential breakout of the level of $1,046.00 will confirm short-term continuation of a downward trend.
Daily Fibonacci pivot points:
Trading recommendations: Watch for potential selling opportunities, buying looks risky.
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