Since our previous analysis, gold has been trading sideways next to the price of $1,214.80. Using the market profile analysis, I found a strong multiday point of control near the price of $1,225.00. I also found a potential bearish flag formation, which is a sign of weakness. Watch for a potential breakout of the upward channel to confirm a downward direction. The first target is set at the price of $1,203.00
Fibonacci pivot points:
Resistance levels:
R1: 1,217.40
R2: 1,220.10
R3: 1,224.60
Support levels:
S1: 1,208.40
S2: 1,206.00
S3: 1,201.65
Trading recommendations for today: Watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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