Since our previous analysis, gold has been trading sideways at the price of $1,336.50. The breakout of an upward trend line is still active and my advice is to watch for selling opportunities. I found the supply trend line and lower swing highs, which is a sign of weakness. Using the market profile, I found a neutral day. Watch for selling opportunities. Target levels are set at the price of $1,332.75, $1,326.50, and $1,320.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,342.70
R2: 1,343.20
R3: 1,344.00
Support levels:
S1: 1,341.00
S2: 1,340.45
S3: 1,339.60
Trading recommendations for today: A strong sign of weakness in the background and broken upward trend line. Watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com