Since our previous analysis, gold has been trading sideways at the price of $1,253.00. On the 30M chart, I found Friday's point of control at the price of $1,255.77, using the market profile. The price respected Friday's point of control and sellers came in on the market. My advice is to watch for potential selling opportunities. First downward target is set at the price of $1,250.40 and second take profit level at $,1246.10. A short-term trend is bearish.
Fibonacci pivot points:
Resistance levels:
R1: 1,254.20
R2: 1,254.90
R3: 1,256.00
Support levels:
S1: 1,251.85
S2: 1,251.10
S3: 1,249.95
Trading recommendations for today: Watch for selling opportunities. First take profit level is set at the price of $1,250.40.
