Since our previous analysis, gold has been moving downwards. As I expected, the price broke its trading range and tested the level of $1,161.96 in a high volume. Using the market profile analysis, I found a strong buying tail from the buyers, which is a sign that selling looks very risky. My advice is to watch for buying opportunities. The first upward target is set at the price of $1,176.40. Anyway, if the price breaks the level of $1,162.00, the downward station will be set at the price of $1,156.60
Fibonacci pivot points:
Resistance levels:
R1: 1,186.80
R2: 1,202.75
R3: 1,212.15
Support levels:
S1: 1,161.35
S2: 1,151.95
S3: 1,135.90
Trading recommendations for today: The buying tail is in the background, selling looks risky. Watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com