FX.co ★ Gold analysis for September 27, 2016

Since our previous analysis, gold has been trading sideways at the price of $1,333.90. I found a fake breakout of supply trendline, which is good sign for further downward movement. Using the market profile, I found a yesterday's point of control at the price of $1,336.00. Watch for selling opportunities. Target levels are set at the price of $1,332.75, $1,326.50, and $1,320.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,341.40

R2: 1,343.00

R3: 1,345.50

Support levels:

S1: 1,336.40

S2: 1,334.80

S3: 1,332.50

Trading recommendations for today: I've noticed a strong sign of weakness in the background and fake breakout of upward trend line. Watch for potential selling opportunities.