Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,332.28 in a high volume. My take profit from yesterday at the price of $1,339.00 has been met. According to the 30M time frame and using the market profile, I found peak resistance at the price of $1,336.60. My advice is to watch for selling opportunities. I found a downward target at the price of $1,326.50.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,343.00
R2: 1,345.30
R3: 1,349.00
Support levels:
S1: 1,335.60
S2: 1,333.30
S3: 1,329.60
Trading recommendations for today: Watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com