Since our previous analysis, gold has been moving sideways at the price of $1,293.00. According to the 4H time frame, I found a strong sign of weakness. Bullish bar is in a very high volume but closes in the middle. I also found a broken upward diagonal, which is a sign that buying looks risky. There is also consolidation of trading range between the price of $1,303.00 (resistance) and the price of $1,287.00 (support). I would like to see the breakout of support or resistance to confirm further direction. Since I found the weakness according to the 4H time frame, I would like to see breakout of support. The first take profit level is set at the price of $1,275.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,302.00

R2: 1,305.90

R3: 1,312.00

Support levels:

S1: 1,289.50

S2: 1,285.40

S3: 1,279.30

Trading recommendations for today: Be careful when buying gold at this stage and watch for potential selling opportunities.