Recently, gold has been trading upwards. The price tested the level of $1,149.99 in average volume. According to the 30M time frame and using the market profile, I found yesterday’s point of control at the price of $1,141.65. Besides, the price respected key resistance level at $1,150.45, which is a sign that gold may trade lower. My advice is to watch for potential selling opportunities due to massive climax in the background and successful rejection of resistance. First downward target is set at the price of $1,141.65.
Resistance levels:
R1: 1,140.75
R2: 1,141.50
R3: 1,142.75
Support levels:
S1: 1,138.30
S2: 1,137.55
S3: 1,136.30
Trading recommendations for today: watch for potential selling opportunities due to massive buying climax in the background.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Recently, gold has been trading upwards. The price tested the level of $1,149.99 in average volume. According to the 30M time frame and using the market profile, I found yesterday’s point of control at the price of $1,141.65. Besides, the price respected key resistance level at $1,150.45, which is a sign that gold may trade lower. My advice is to watch for potential selling opportunities due to massive climax in the background and successful rejection of resistance. First downward target is set at the price of $1,141.65.
Resistance levels:
R1: 1,140.75
R2: 1,141.50
R3: 1,142.75
Support levels:
S1: 1,138.30
S2: 1,137.55
S3: 1,136.30
Trading recommendations for today: watch for potential selling opportunities due to massive buying climax in the background.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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