Recently, gold has been trading upwards. The price tested the level of $1,167.60 in a high volume volume. According to the 30M time frame and using the market profile, I found yesterday's point of control at the price of $1,157.15. Intraday trend is bullish and my advice is to watch for buying opportunities on the dips. I have placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 100% at the price of $1,173.65 and Fibonacci expansion 161.8% at the price of $1,184.00.
Resistance levels:
R1: 1,161.32
R2: 1,164.75
R3: 1,170.00
Support levels:
S1: 1,150.20
S2: 1,147.00
S3: 1,141.60
Trading recommendations for today: Watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com