Since our previous analysis, gold has been trading sideways at the price of $1,314.15. According the 30M time frame and using the market profile, I found a point of control at the price of $1,315.60. I found the weakness on the European sesion and selling tail, which is a good sign for a further downward movement. Watch for selling opportunities. Take profit levels are set at the price of $1,309.50 and $1,306.70.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,320.50
R2: 1,322.60
R3: 1,326.10
Support levels:
S1: 1,313.70
S2: 1,311.60
S3: 1,308.25
Trading recommendations for today: Sellers came in on the European sesion. Watch for selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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