Since our previous analysis, gold has been trading sideways at the price fo $1,187.20. Using the market profile analysis, I found a point of control at the price of $1,186.30. Anyway, I found the upward trend line and the price broke it, which is a sign of weakness. Watch for selling opportunities. The first downward target is set at the price of $1,171.00 (swing low).
Fibonacci pivot points:
Trading recommendations for today: Breakout of upward trend line. Watch for selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com