Since our previous analysis, gold has been trading upwards. The price tested the level of $1,283.16 in a high volume. According to the 15M time frame and using the market profile analysis, I found intraday initiative buyers, which is sign that buyers are in control. The price is trading above the yesterday’s value area and the point of control. My advice is to watch for buying opportunities on the dips. I placed Fibonacci expansion to find potential upward targets. First upward target is set at the price of $1,289.00 and the second target is set at the price of $1,300.00.
Fibonacci pivot points:
Resistance levels:
R1: 1,275.10
R2: 1,276.15
R3: 1,277.85
Support levels:
S1: 1,271.70
S2: 1,270.70
S3: 1,269.10
Trading recommendations for today: Strength on the Gold is expected today. Watch for buying opportunities on the dips.
The material has been provided by InstaForex Company – www.instaforex.com
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