Since our previous analysis, gold has been trading sideways at the price fo $1,187.20. Using the market profile analysis, I found a strong point of control at the price of $1,186.00. Anyway, I found the trading range between the price of $1,180.40 (support) and the price of $1,197.00 (resistance). The short-term trend is downward but my advice is to watch for a potential breakout of a trading range to confirm a direction. The breakout of resistance may confirm further testing of $1,212.00. The breakout of support may confirm potential testing of $1,173.00.
Fibonacci pivot points:
Resistance levels:
R1: 1,186.55
R2: 1,187.60
R3: 1,189.35
Support levels:
S1: 1,183.10
S2: 1,182.00
S3: 1,180.40
Trading recommendations for today: Watch for a potential breakout of a trading range to confirm a further direction.
The material has been provided by InstaForex Company - www.instaforex.com