FX.co ★ Gold analysis for September 20, 2016

Since our previous analysis, gold has been trading sideways at the price of $1,314.15. According the 30M time frame and using the market profile, I found a point of control at the price of $1,315.60. I found the weakness on the European sesion and selling tail, which is a good sign for a further downward movement. Watch for selling opportunities. Take profit levels are set at the price of $1,309.50 and $1,306.70.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,320.50

R2: 1,322.60

R3: 1,326.10

Support levels:

S1: 1,313.70

S2: 1,311.60

S3: 1,308.25

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