Since our previous analysis, gold has been trading downwards. The price tested the level of $1,202.76 in a high volume. Using the market profile on 15M time frame, I found today’s point of control at the price of $1,208.20. I found signs of a trend dynamic from bearish to bullish. Price is trading above 21SMA, which indicates strength. Besides, a down bar closed in the middle of the background is another sign of strength. Watch for potential intraday buying oppportunities.
Resistance levels:
R1: 1,226.45
R2: 1,331.30
R3: 1,239.00
Support levels:
S1: 1,210.70
S2: 1,205.40
S3: 1,198.15
Trading recommendations for today: Watch for potential buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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