Recently, the gold has been trading sideways at the price of $1,133.00. Using the market profile, I found today's point of control at the price of $1,134.00 on the 30M time frame. According to the 30M time frame, I found that price is trading below the 21SMA and that there is sluggish demand in the background, which is a sign of weakness. Watch for selling opportunities on the pullbacks. Downward targets are set at the levels of $1,129.40 and $1,125.85.
Resistance levels:
R1: 1,133.20
R2: 1,134.85
R3: 1,137.50
Support levels:
S1: 1,127.80
S2: 1,126.00
S3: 1,123.50
Trading recommendations for today: watch for selling opportunities on the pullbacks.
