Since our previous analysis, gold has been trading sideways around the price of $1,227.10. Using the market profile on 30M time frame, I found a strong 3-day point of control at the price of $1,224.00-$1,226.00. Besides, I found a new upward channel and price respected lower diagonal few times, which is a good sign for a furher upward direction. Watch for buying opportunities. Targets are set at the price of $1,232.70 and $1,238.00.
Fibonacci pivot points:
Resistance levels:
R1: 1,231.40
R2: 1,334.00
R3: 1,238.00
Support levels:
S1: 1,222.70
S2: 1,219.50
S3: 1,214.50
Trading recommendations for today: Watch for potential buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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