Since our previous analysis, gold has been trading sideways at the price of $1,324.50. Like I posted yesterday using the market profile, I found a strong point of control at the price of $1,328.00-$1,330.00. The sellers came again in the market from that level and confirmed potential downward continuation. The trend is downward. My advice is to watch for selling opportunities. The take profit level is set at the price of $1,314.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,327.00
R2: 1,329.10
R3: 1,332.80
Support levels:
S1: 1,319.80
S2: 1,317.60
S3: 1,314.00
Trading recommendations for today: Watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com