Since our previous analysis, gold has been trading downwards. As I had expected, the price tested the level of $1,180.17 in a high volume. Using the market profile analysis, I found the fairest price today at the level of $1,186.30. Besides, I found a trading range between the price of $1,180.00 (support) and the price of $1,192.00 (resistance). Watch for a potential breakout of a trading range to confirm further direction. According to the 30M time frame, I found strength and bar closed in the middle, which is a sign of strength. If the price breaks upward, the upward target is set at the price of $1,212.70 (the point of control from yesterday). The breakout of support will confim potential testing of $1,172.50. I give a higher chance to the upside according to the current background.
Fibonacci pivot points: Resistance levels:
R1: 1,206.90
R2: 1,213.40
R3: 1,223.60
Support levels:
S1: 1,186.30
S2: 1,179.90
S3: 1,169.60
Trading recommendations for today: Watch for a breakout of a trading range to confirm a further direction.
The material has been provided by InstaForex Company – www.instaforex.com
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