Since our previous analysis, gold has been trading downwards. The price tested the level of $1,252.70 in a high volume. On the 30M chart, I found yesterday’s point of control zone around the price of $1,258.40, using the market profile. The price is trading below 48 SMA according to the 30M time frame, which is another sign of weakness. The short-term trend is still downward. Watch for selling opportunities. Take profit levels are set at the price of $1,250.20 and $1,241.00.
Fibonacci pivot points:
Resistance levels:
R1: 1,257.85
R2: 1,258.70
R3: 1,260.20
Support levels:
S1: 1,255.00
S2: 1,254.20
S3: 1,252.69
Trading recommendations for today: Watch for selling opportunities. Take profit level is set at the price of $1,250.20.
The material has been provided by InstaForex Company – www.instaforex.com
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