Since our previous analysis, gold has been trading sideways at the price of $1,267.50. Using the market profile analysis, I found strong downward momentum and yesterday's peak area (resistance) at the price of $1,267.90 and point of control at the price of $1,271.75 on the 30M time frame. I placed simple moving average with 48 period and found successful rejection. Watch for selling opportunities. Downward target is set at the price of $1,250.79.
Fibonacci pivot points:
Resistance levels:
R1: 1,271.70
R2: 1,274.65
R3: 1,279.50
Support levels:
S1: 1,262.00
S2: 1,259.00
S3: 1,254.25
Trading recommendations for today: Watch for selling opportunties. Take profit level is set at the price of $1,250.79.
