Recently, gold has been trading upwards. The price tested the level of $1,163.03 in an average volume. According to the 30M time frame and using the market profile, I found yesterday's point of control at the price of $1,148.00. Besides, there is a buying climax in the background, but the price broke that climax bar high, which is a sign that strength is still present. My advice is to watch for a potential breakout of supply trend line to confirm further upward continuation. I placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 61.8% at the price of $1,163.00, Fibonacci expansion 100% at the price of $1,166.80 and Fibonacci expansion 161.8% at the price of $1,172.00.
Resistance levels:
R1: 1,158.75
R2: 1,162.30
R3: 1,168.15
Support levels:
S1: 1,147.30
S2: 1,143.50
S3: 1,137.75
Trading recommendations for today: Watch for potential buying opportunities if the price breaks supply trend line.
The material has been provided by InstaForex Company - www.instaforex.com