Since our previous analysis, gold has been trading downwards. The price tested the level of $1,283.51 in an average volume. Using the market profile analysis, I found potential intraday bottoming near the price of $1,285.45 on the 30M time frame. I found unsuccessful breakout of yesterdays's low at the price of $1,285.45, which is a sign that buyers may step in. Be careful when selling gold near the lows and watch for potential intraday buying opportuniities. First upward station is set at the price of $1,295.50.
Fibonacci pivot points:
Resistance levels:
R1: 1,301.40
R2: 1,305.50
R3: 1,312.30
Support levels:
S1: 1,288.45
S2: 1,283.90
S3: 1,277.30
Trading recommendations for today: Unssucessful breakout of the low is in the background. Watch for potential buying opportunties.
