Since our previous analysis, gold has been trading sideways at the price of $1,272.80. According to the 5M time frame and using the market profile analysis, I found intraday distribution in the background, which is a sign that sellers are in control today. Today's point of control is set at the price of $1,276.70. Watch for selling opportunities on the pullbacks. The first downward target is set at the price of $1,267.25. A good level to establish potential selling position is around the point of control at $1,276.70.
Fibonacci pivot points:
Resistance levels:
R1: 1,280.30
R2: 1,281.10
R3: 1,282.35
Support levels:
S1: 1,277.75
S2: 1,276.96
S3: 1,275.65
Trading recommendations for today: Weakness on Gold is expected today. Watch for selling opportunities on the pullbacks.
The material has been provided by InstaForex Company - www.instaforex.com