Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,217.36 in an average volume. Using the market profile analysis, I found potential intraday bottoming near the price of $1,212.00 on the 15M time frame. I found a higher value area compared to Friday, which is a sign of strength. Watch for potential buying opportunities. I placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 100% at the price of $1,218.90 and Fibonacci expansion 161.8% at the price of $1,226.80.
Fibonacci pivot points:
Resistance levels:
R1: 1,207.35
R2: 1,208.20
R3: 1,209.60
Support levels:
S1: 1,205.40
S2: 1,204.50
S3: 1,203.00
Trading recommendations for today: Watch for buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com