Since our previous analysis, gold has been trading downwards. The tested level of $1,316.89 in a high volume. According to the 30M time frame, I found a broken trading range, which is a sign that we may see downward pressure. Watch for selling opportunities on the pullbacks. Critical support today will be at the price of $1,312.20. If the price can’t break the level of $1,312.20 in a high volume, we may see rejection. Anyway, if the price breaks the level of $1,312.20, there is chance for larger downward movement.
Daily Fibonacci pivot points:
Trading recommendations for today: Buying looks risky, watch for selling opportunities.
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