Recently, gold has been moving sideways at the price of $1,159.60. According to the 30M time frame, price is trading below 21 SMA and Gold may visit yesterday's low at the level of $1,151.30. According to market profile analysis, yesterday's point of control is set at the price of $1,157.15. If the price is rejected from the point of control, Gold may test $1,165.50.
Resistance levels:
R1: 1,164.30
R2: 1,166.90
R3: 1,171.50
Support levels:
S1: 1,155.60
S2: 1,153.40
S3: 1,149.20
Trading recommendations for today: Watch the price action around point of control to confirm a further direction.
The material has been provided by InstaForex Company - www.instaforex.com