Since our previous analysis, gold has been upwards. The price tested the level of $1,270.65 in an average volume. On the 4H time frame chart, I found a trading range (potential re-distribtion) between the price of $1,265.50 (resistance) and the price of $1,241.22 (support). The Gold is in a downward trend and my advice is to watch for a potential breakout of suppot for bearish position. Watch for breakout of $1,214.22 to confirm further lower price. The downward target is set at the price of $1.201.60. According to 30M time frame and using the market profile analysis, I found a point of control for today at the price of $1,262.60. Sellers may decide to re-test the point of control.
Fibonacci pivot points:
Resistance levels:
R1: 1,261.35
R2: 1,262.00
R3: 1,262.15
Support levels:
S1: 1,260.50
S2: 1,260.30
S3: 1,259.75
Trading recommendations for today: Watch for selling opportunities. The target is set at the price of $1,201.60.
The material has been provided by InstaForex Company - www.instaforex.com