Since our previous analysis, gold has been trading downwards. The price tested the level of $1,278.73 in an average volume. Using the market profile analysis, I found potential intraday bottoming near the price of $1,278.80 on the 15M time frame. I found successful rejection from yesterday’s low at the price of $1,278.80, which is a sign that buyers may step in. Be careful when selling gold near the lows and watch for potential intraday buying opportuniities. First upward station is set at the price of $1,282.75.
Fibonacci pivot points:
Resistance levels:
R1: 1,289.80
R2: 1,293.20
R3: 1,298.60
Support levels:
S1: 1,278.85
S2: 1,275.50
S3: 1,270.00
Trading recommendations for today: Successful rejection from the low in the background. Watch for buying opportuntiies.
The material has been provided by InstaForex Company – www.instaforex.com
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