Since our previous analysis, gold has been trading sideways at the price fo $1,187.20. Using the market profile analysis, I found a point of control at the price of $1,186.30. Anyway, I found the upward trend line and the price broke it, which is a sign of weakness. Watch for selling opportunities. The first downward target is set at the price of $1,171.00 (swing low).
Fibonacci pivot points:
Resistance levels:
R1: 1,189.20
R2: 1,191.70
R3: 1,195.60
Support levels:
S1: 1,181.20
S2: 1,178.70
S3: 1,174.60
Trading recommendations for today: Breakout of upward trend line. Watch for selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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