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Since our previous analysis, gold has been trading upwards. The price tested the level of $1,322.23 in a high volume. The price reached my take profit level from yesterday at the $1,309.50. According the 30M time frame and using the market profile, I found a selling tail in a high volume, which is a sign that sellers came in on the market. Strong point of control area is set at the price of $1,314.50. Be careful when buying Gold at this stage and watch for selling opportunities.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,320.75

R2: 1,322.10

R3: 1,324.10

Support levels:

S1: 1,316.15

S2: 1,315.00

S3: 1,312.70

Trading recommendations for today: Sellers came in on the European session. Watch for selling opportunities.

The material has been provided by InstaForex Company – www.instaforex.com

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