Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,323.38 in a high volume. My take profit from Friday at the price of $1,326.50 has been met. According to the 30M time frame and using the market profile, I found point of control for today at the price of $1,327.80 (good level for selling). The Friday's low is at the same price as like today point of control, which is a sign that sellers are in control. Watch for selling opportunities. Downward target is set at the price of $1,314.30.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,333.50
R2: 1,334.00
R3: 1,335.00
Support levels:
S1: 1,331.60
S2: 1,331.00
S3: 1,330.00
Trading recommendations for today: Watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2cexRW1
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