Recently, the gold has been downwards. As I expected, the price tested the level of $1,128.14. Using the market profile, I found today’s point of control at the price of $1,130.90 on the 30M time frame. According to the 30M time frame, I found that price is trading below the 21SMA and that there is sluggish demand in the background, which is a sign of weakness. Watch for selling opportunities on the pullbacks. Downward targets are set at the levels of $1,128.20 (yesterday’s low) and $1,125.85.
Resistance levels:
R1: 1,134.75
R2: 1,136.00
R3: 1,138.50
Support levels:
S1: 1,130.00
S2: 1,128.60
S3: 1,126.50
Trading recommendations for today: watch for selling opportunities on the pullbacks.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Recently, the gold has been downwards. As I expected, the price tested the level of $1,128.14. Using the market profile, I found today’s point of control at the price of $1,130.90 on the 30M time frame. According to the 30M time frame, I found that price is trading below the 21SMA and that there is sluggish demand in the background, which is a sign of weakness. Watch for selling opportunities on the pullbacks. Downward targets are set at the levels of $1,128.20 (yesterday’s low) and $1,125.85.
Resistance levels:
R1: 1,134.75
R2: 1,136.00
R3: 1,138.50
Support levels:
S1: 1,130.00
S2: 1,128.60
S3: 1,126.50
Trading recommendations for today: watch for selling opportunities on the pullbacks.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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