Since our previous analysis, gold has been trading sideways at the price of $1,259.00. On the 30M chart, I found yesterday's point of control zone around the price of $1,259.10, using the market profile. The price respected that level and I found weak demand. The short-term trend is still downward. Watch for selling opportunities. Take proft levels is set at the price of $1,250.20 and $1,241.00.
Fibonacci pivot points:
Resistance levels:
R1: 1,253.10
R2: 1,253.70
R3: 1,254.60
Support levels:
S1: 1,251.40
S2: 1,250.85
S3: 1,250.00
Trading recommendations for today: Watch for selling opportunties. Take profit level is set at the price of $1,245.20.
