Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,269.99 in a high volume. The price met my yesterday’s take profit at $1,270.00. Using the market profile analysis, I found today’s point of control at the price of $1,285.80. Sellers are in control of the market. Price is trading below the 21 SMA, which is a sign for weakness. Watch for selling opportunities on pullbacks. Targets are set at the price of $1,269.30, $1,261.40 and $1,234.10.
Watch for selling opportunities.
Fibonacci pivot points:
Resistance levels:
R1: 1,305.65
R2: 1,317.20
R3: 1,335.60
Support levels:
S1: 1,268.50
S2: 1,257.00
S3: 1,238.50
Trading recommendations for today: Sellers are in control, watch for selling opportunities on pullbacks.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,269.99 in a high volume. The price met my yesterday’s take profit at $1,270.00. Using the market profile analysis, I found today’s point of control at the price of $1,285.80. Sellers are in control of the market. Price is trading below the 21 SMA, which is a sign for weakness. Watch for selling opportunities on pullbacks. Targets are set at the price of $1,269.30, $1,261.40 and $1,234.10.
Watch for selling opportunities.
Fibonacci pivot points:
Resistance levels:
R1: 1,305.65
R2: 1,317.20
R3: 1,335.60
Support levels:
S1: 1,268.50
S2: 1,257.00
S3: 1,238.50
Trading recommendations for today: Sellers are in control, watch for selling opportunities on pullbacks.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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