Since our previous analysis, gold has been trading sideways at the price of $1,346.60. According to the 30M time frame and using the market profile, I found point of control from yesterday at the price of $1,348.95. The price rejected successful from point of control and created up-thrust. This is for me a good sign for a further downward price. My advice is to watch for selling opportunities. Take profit levels are set at the price of $1,341.85 and $1,339.20.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,348.75
R2: 1,350.35
R3: 1,352.80
Support levels:
S1: 1,343.70
S2: 1,342.10
S3: 1,339.65
Trading recommendations for today: Watch for potential selling opportunities.
