Since our previous analysis, gold has been trading sideways at the price of $1,255.00. On the 30M chart, I found yesterday’s point of control at $1,259.10, using the market profile. The price respected that level and sellers came in the market. The short-term trend is downward. Watch for selling opportunities. Take proft level is set at the price of $1,241.00.
Fibonacci pivot points:
Resistance levels:
R1: 1,257.15
R2: 1,258.40
R3: 1,260.00
Support levels:
S1: 1,253.00
S2: 1,252.00
S3: 1,250.15
Trading recommendations for today: Watch for selling opportunties. Take profit level is set at the price of $1,241.00.
The material has been provided by InstaForex Company – www.instaforex.com
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