Since our previous analysis, gold has been trading sideways at the price of $1,337.50. The recent strength on Gold was caused due to FED Fund rate decision this week but today I found lack of professional interest for an upward movement. I found a broken upward trend in the background. Using the market profile, I found point of control from yesterday at the price of $1,332.60. The first target is set at the price of $1,326.50 and second at the price of $1,320.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,339.20
R2: 1,339.30
R3: 1,339.50
Support levels:
S1: 1,338.90
S2: 1,338.80
S3: 1,338.65
Trading recommendations for today: Strong sign of weakness in the background and broken upward trend line. Watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com