Since our previous analysis, gold has been moving downward. The price tested the level of $1,162.26. Using the market profile on 30M time frame, I found yesterday’s point of control at the price of $1,174.00. The price is trading below 21SMA, which is a sign of weakness. Be careful when buying and watch for potential selling opportunities. The first downward target is set at the price of $1,161.40 (Fibonacci expansion 100%).
Fibonacci pivot points:
Trading recommendations for today: Sellers are in control today, so watch for selling opportunities.
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