Recently, gold has been trading sideways at the price of $1,178.00. According to the 30M time frame and using the market profile, I found Friday's point of control at the price of $1,178.40. The intraday trend is bullish and my advice is to watch for buying opportunities on the dips. I have placed Fibonacci expansion to find a potential upward target. I got Fibonacci expansion 161.8% at the price of $1,181.80.
Resistance levels:
R1: 1,174.50
R2: 1,174.90
R3: 1,175.70
Support levels:
S1: 1,172.60
S2: 1,172.00
S3: 1,171.30
Trading recommendations for today: Watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com