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:
Resistance levels:
R1: 1,188.45
R2: 1,194.65
R3: 1,199.40
Support levels:
S1: 1,177.50
S2: 1,172.80
S3: 1,166.50
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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