Recently, the gold has been trading downwards. The price tested the level of $1,127.90 in a high volume. Using the market profile, I found today's point of control at the price of $1,132.55 on the 30M time frame. I found support at the price of $1,127.90. Watch for buying opportunities if the price rejects from support. The upward target is set at the price of $1,138.75. Anyway, if the price rejects the support, watch for selling opportunities with the first downward target at $1,122.90.
Resistance levels:
R1: 1,140.80
R2: 1,141.45
R3: 1,142.50
Support levels:
S1: 1,138.65
S2: 1,138.00
S3: 1,136.90
Trading recommendations for today: Watch the price action near the support at $1,127.90 to confirm further movement.
