The price of $1,172.00 is the key level on gold. If the price rejects lower from that point, we may see potential testing of $1,165.60. Anyway, if the price breaks an upward channel, gold may visit the level of $1,177.60. The price is trading at the point of control. I found a downward channel and the price is testing the upper diagonal of the channel. Watch for potential selling opportunities. The first downward target is set at the price of $1,165.50. Anyway, if the price breaks the level of $1,172.50, gold may visit the level of $1,177.60 (Fibonacci expansion 61.8%).

Fibonacci pivot points:

Resistance levels:

R1: 1,172.35

R2: 1,177.30

R3: 1,179.80

Support levels:

S1: 1,164.90

S2: 1,162.25

S3: 1,157.50

Trading recommendations for today: Watch for potential selling opportunities. Anyway, if you see an upward breakout of the channel, watch for buying opportunities.