Since our previous analysis, gold has been trading sideways around the price of $1,270.00. According to the 30M time frame and using the market profile analysis, I found the strong point of control from yesterday $1,265.00. The price broke the point of control from yesterday and I expect higher price. Upward targets are set at the price of $1,271.60 and $1,273.90. Watch for buying opportunities on the dips.
Fibonacci pivot points:
Resistance levels:
R1: 1,267.15
R2: 1,268.90
R3: 1,271.50
Support levels:
S1: 1,261.20
S2: 1,259.95
S3: 1,256.50
Trading recommendations for today: Strength on the Gold. Watch for buying opportunities on the dips.
