Since our previous analysis, gold has been trading sideways at the price of $1,321.00. According the 30M time frame and using the market profile, I found a point of control from yesterday at the price of $1,322.00. The trend is still downward and my advice is to watch for a potential selling opportunities. The level of $1,322.00 looks good to establish intraday selling position. Take profit level is set at the price of $1,314.30. Anyway, the major point of control for this week is set at the price of $1,328.00. So, if the price breaks the level of $1,322.00, you may consider the level of $1,328.00 for potential selling position.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,322.25
R2: 1,322.90
R3: 1,324.00
Support levels:
S1: 1,319.80
S2: 1,319.00
S3: 1,317.90
Trading recommendations for today: Watch for potential selling opportunities.
