Since our previous analysis, gold has been downwards. As I expected, the price tested the level of $1,243.62 in a high volume. According to the 15M time frame, I found weakness and resistance cluster at the price of $1,257.50. There are few bullish bars in a high volume but with weak close, which is a sign that sellers are in control. All bullish bars that I marked on the chart closed in the middle, which is a sign of weakness. Intraday downward target is set at the price of $1,252.30 and $1,244.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,259.55
R2: 1,262.90
R3: 1,267.70
Support levels:
S1: 1,250.30
S2: 1,247.30
S3: 1,242.50
Trading recommendations for today: Downward pressure on the market. Watch for selling opportunities on pullbacks.