Since our previous analysis, gold has been trading downwards. The price tested the level of $1,360.00 in an ultra volume (climax). According to the 30M time frame, I found a climatic action and responsive buyers reaction at the price of $1,359.90. Using market profile, I found single prints at the price of $1,139.90. Be very careful when selling Gold and watch for buying opportunities. The point of control for today is set at the price of $1,367.20. The second upward station is set at the price of $1,370.40.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,373.50
R2: 1.377.30
R3: 1,383.35
Support levels:
S1: 1,361.35
S2: 1,357.60
S3: 1,351.50
Trading recommendations for today: Selling gold looks risky at this stage. So, watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com