Since our previous analysis, gold has been trading sideways around the price of $1,265.00. According to the 30M time frame and using the market profile analysis, I found the strong point of control area at the price of $1,261.50. The price rejected successfully from the point of control, which is a very good sign of strength. Watch for buying opportunities. Intraday upward take profit level is set at the price of
Fibonacci pivot points:
Resistance levels:
R1: 1,269.00
R2: 1,270.00
R3: 1,272.50
Support levels:
S1: 1,265.15
S2: 1,264.00
S3: 1,262.80
Trading recommendations for today: Intraday upward trend. Watch for buying opportunties on the dips.
The material has been provided by InstaForex Company - www.instaforex.com