Since our previous analysis, gold has been trading sideways at the price of $1,226.10. Using the market profile on 15M time frame, I found strong point of control at the price of $1,223.85. Watch for potential breakout of this level to confirm a downward movement. A downward target is set at the price of $1,211.50. Anyway, if the price breaks the level of $1,231.40, we may see a potential upward movement and potential testing of $1,252.00.
Fibonacci pivot points:
Resistance levels:
R1: 1,228.50
R2: 1,233.00
R3: 1,240.00
Support levels:
S1: 1,214.25
S2: 1,209.80
S3: 1,202.50
Trading recommendations for today: Watch for a breakout of support or reistance to confirm a further direction.
The material has been provided by InstaForex Company - www.instaforex.com