Since our previous analysis, gold has been trading sideways at the price of $1,226.10. Using the market profile on 30M time frame, I found a strong point of control at the price of $1,225.35. Besides, I found a broken upward channel in the background. The metal is now trading below 21SMA, which is a sign of weaknes. Watch for potential selling opportunities on the pullbacks. A downward target is set at the price of $1,211.60.
Fibonacci pivot points:
Resistance levels:
R1: 1,300.40
R2: 1,333.00
R3: 1,238.00
Support levels:
S1: 1,220.70
S2: 1,217.80
S3: 1,212.50
Trading recommendations for today: Watch for a potential selling opportunities on the pullbacks.
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2fVQJFr
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