Recently, gold has been trading upwards. As I expected, the price tested the level of $1,187.41 in an average volume. According to the 30M time frame and using the market profile, I found yesterday's point of control at the price of $1,174.50. I found a fake breakout of yesterday's high, which is a sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,174.50. Anyway, if the price breaks the level of $1,187.50 in a high volume, we may see potential testing of $1,195.00
Resistance levels:
R1: 1,184.00
R2: 1,186.60
R3: 1,190.70
Support levels:
S1: 1,176.00
S2: 1,173.50
S3: 1,169.45
Trading recommendations for today: Watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com