Since our previous analysis, gold has been moving sideways at the price of $1,171.00. Using the market profile on 30M time frame, I found yesterday’s point of control at the price of $1,167.00. 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 $1,160.80 (swing low).
Fibonacci pivot points:
Resistance levels:
R1: 1,172.75
R2: 1,176.20
R3: 1,181.80
Support levels:
S1: 1,161.60
S2: 1,158.20
S3: 1,152.60
Trading recommendations for today: Sellers are in control today, so watch for selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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