Since our previous analysis, gold has been trading upwards. The price tested the level of $1,264.67 in a high volume. Using the market profile analysis, I noted the yesterday’s point of control at $1,264.70 and the price respected that level, which is sign that buying looks risky. Gold is in downward trend, so watch for selliing opportunities. Targets set at the price of $1,250.60, $1,247.00 and $1,236.50.
Fibonacci pivot points:
Resistance levels:
R1: 1,260.90
R2: 1,264.50
R3: 1,270.40
Support levels:
S1: 1,249.00
S2: 1,245.50
S3: 1,239.60
Trading recommendations for today: Watch for selling opportunties. Take profit level is set at the price of $1,250.60.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Since our previous analysis, gold has been trading upwards. The price tested the level of $1,264.67 in a high volume. Using the market profile analysis, I noted the yesterday’s point of control at $1,264.70 and the price respected that level, which is sign that buying looks risky. Gold is in downward trend, so watch for selliing opportunities. Targets set at the price of $1,250.60, $1,247.00 and $1,236.50.
Fibonacci pivot points:
Resistance levels:
R1: 1,260.90
R2: 1,264.50
R3: 1,270.40
Support levels:
S1: 1,249.00
S2: 1,245.50
S3: 1,239.60
Trading recommendations for today: Watch for selling opportunties. Take profit level is set at the price of $1,250.60.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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