FX.co ★ Gold analysis for September 15, 2016

Since our previous analysis, gold has been trading sideways at the price of $1,321.00. According the 30M time frame and using the market profile, I found a point of control from yesterday at the price of $1,322.00. The trend is still downward and my advice is to watch for a potential selling opportunities. The level of $1,322.00 looks good to establish intraday selling position. Take profit level is set at the price of $1,314.30. Anyway, the major point of control for this week is set at the price of $1,328.00. So, if the price breaks the level of $1,322.00, you may consider the level of $1,328.00 for potential selling position.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,322.25

R2: 1,322.90

R3: 1,324.00

Support levels:

S1: 1,319.80

S2: 1,319.00

S3: 1,317.90

Trading recommendations for today: Watch for potential selling opportunities.