Recently, gold has been moving sideways at the price of $1,163.44. According to the 30M time frame, the price is trading above 21 SMA, which is a sign of strength. According to market profile analysis, yesterday's point of control is set at the price of $1,158.50. Today, buyers are in control and I placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 100% at the price of $1,168.00 and Fibonacci expansion 161.8% at the price of $1,177.50. Besides, there is a swing high is at the price of $1,165.40 (first upward target).
Resistance levels:
R1: 1,162.00
R2: 1,164.00
R3: 1,167.50
Support levels:
S1: 1,155.40
S2: 1,153.40
S3: 1,150.20
Trading recommendations for today: Buyers are in control today. Watch for buying opportunities on dips.
