Since our previous analysis gold has been trading downwards. The price tested the level of $1,264.53. The price reached my downward target from yesterday at the price of $1,268.75. According to the 30M time frame and using the market profile analysis, I found rejection of extreme swing low at the price of $1,265.00, which is sign of strength. Watch for buying opportunities. Upward targets are set at the price of $1,274.15 and $1,276.15.
Fibonacci pivot points:
Resistance levels:
R1: 1,271.15
R2: 1,272.20
R3: 1,273.60
Support levels:
S1: 1,268.00
S2: 1,267.85
S3: 1,265.50
Trading recommendations for today: Strengthen the Gold. Watch for buying opportunities on the dips.
The material has been provided by InstaForex Company - www.instaforex.com