Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,212.56 in a high volume. The price met my yesterday’s take profit at $1,226.50. Using the market profile analysis, I found today’s point of control at the price of $1,222.55. Besides, I found that sellers are in control and price is trading below the 21SMA. Watch for selling opportunities on the pullbacks. A downward target is set at the price of $1,186.90 (Fibonacci expansion 161.8%).
Fibonacci pivot points:
Resistance levels:
R1: 1,230.50
R2: 1,231.55
R3: 1,233.20
Support levels:
S1: 1,227.20
S2: 1,226.20
S3: 1,224.50
Trading recommendations for today: Watch for selling opportunities on the pullbacks.
The material has been provided by InstaForex Company – www.instaforex.com
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