Since our previous analysis, gold has been trading sideways around the price of $1,271.00. According to the 30M time frame and using the market profile analysis, I found rejection of extreme swing high at the price of $1,276.30 from yesterday, which is sign of weakness. Watch for selling opportunities on the pullbacks. First downward target is set at the price of $1,262.00.
Fibonacci pivot points:
Resistance levels:
R1: 1,273.85
R2: 1,276.20
R3: 1,280.00
Support levels:
S1: 1,266.00
S2: 1,263.85
S3: 1,260.00
Trading recommendations for today: Weakness on the Gold. Watch for selling opportunties on the pullbacks.
The material has been provided by InstaForex Company - www.instaforex.com