Since our previous analysis, gold has been trading sideways at the price of $1,333.90. I found a fake breakout of supply trendline, which is good sign for further downward movement. Using the market profile, I found a yesterday's point of control at the price of $1,336.00. Watch for selling opportunities. Target levels are set at the price of $1,332.75, $1,326.50, and $1,320.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,341.40
R2: 1,343.00
R3: 1,345.50
Support levels:
S1: 1,336.40
S2: 1,334.80
S3: 1,332.50
Trading recommendations for today: I've noticed a strong sign of weakness in the background and fake breakout of upward trend line. Watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com