Since our previous analysis, gold has been moving sideywas around the price of $1,235.00 in a high volume. I found a trading range between the prices of $1,238.10 (resistance) and $1,229.40 (support). Watch for a potential breakout of the trading range in a high volume to confirm further movements. I also found a downward channel and the price respects very well this channel. Selling positions are preferable. The first take profit is set at support ($1,229.40).
Daily Fibonacci pivot points:
Trading recommendations for today: Watch for a potential breakout of the trading range to confirm further direction. Since i found the downward channel, selling positions are preferable.
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