Recently, gold has been trading upwards. As I expected, the price tested the level of $1,179.15 in a high volume. According to the 30M time frame and using the market profile, I found yesterday's point of control at the price of $1,165.15. 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 161.8% at the price of $1,184.00. There is also an upward channel, which is a sign that buyers are in control. A good level for potential long positions is set at the price of $1,167.50.
Resistance levels:
R1: 1,165.00
R2: 1,167.70
R3: 1,170.40
Support levels:
S1: 1,158.40
S2: 1,156.30
S3: 1,153.30
Trading recommendations for today: Watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com