Since our previous analysis, gold has been trading sideways at the price of $1,300.00. According to the 30M time frame and using the market profile analysis, I found strong resistance and strong point of control at the price of $1,300.25. Also, there is supply trendline in the background, which is a good sign for further lower price. Watch for selling opportunities. The first downward target is set at the price of $1,294.81 and second target is set at the price of $1,285.65.
Fibonacci pivot points:
Resistance levels:
R1: 1,303.50
R2: 1,307.25
R3: 1,313.30
Support levels:
S1: 1,291.45
S2: 1,287.75
S3: 1,281.70
Trading recommendations for today: Weakness on Gold is expected today. Watch for selling opportunities.
