Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,309.07 in a high volume. My target from yesterday at the price of $1,314.30 has been met. According the 30M time frame and using the market profile, I found a neutral day today and point of control at the price of $1,314.50. Anyway, the trend is still bearish. If the price breaks the level of $1,309.00 in a high volume, we may see potential testing of $1,306.00 and $1,302.50.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,318.80
R2: 1,321.00
R3: 1,325.00
Support levels:
S1: 1,311.20
S2: 1,308.90
S3: 1,305.00
Trading recommendations for today: Neutral day on the market but short-term trend is bearish. Watch for selling opportunities if the price breaks $1,309.00.
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 $1,309.07 in a high volume. My target from yesterday at the price of $1,314.30 has been met. According the 30M time frame and using the market profile, I found a neutral day today and point of control at the price of $1,314.50. Anyway, the trend is still bearish. If the price breaks the level of $1,309.00 in a high volume, we may see potential testing of $1,306.00 and $1,302.50.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,318.80
R2: 1,321.00
R3: 1,325.00
Support levels:
S1: 1,311.20
S2: 1,308.90
S3: 1,305.00
Trading recommendations for today: Neutral day on the market but short-term trend is bearish. Watch for selling opportunities if the price breaks $1,309.00.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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