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Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,352.22 in a high volume. Gold reached my take profit from yesterday at the price of $1,341.50. Anyway, today I found weak demand and potential topping formation according to the 15M time frame. My advice is to be careful when buying and watch for selling opportunities. The breakout of $1,346.80 (down fractal) will confirm potential downward movement and testing of $1,341.85 – $1,339.50.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,349.10

R2: 1,354.75

R3: 1,363.90

Support levels:

S1: 1,330.75

S2: 1,325.10

S3: 1,315.95

Trading recommendations for today: Watch for potential selling opportunities.

The material has been provided by InstaForex Company – www.instaforex.com

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