FX.co ★ Gold analysis for October 07, 2016

Since our previous analysis, gold has been trading upwards. The price tested the level of $1,264.67 in a high volume. Using the market profile analysis, I noted the yesterday's point of control at $1,264.70 and the price respected that level, which is sign that buying looks risky. Gold is in downward trend, so watch for selliing opportunities. Targets set at the price of $1,250.60, $1,247.00 and $1,236.50.

Fibonacci pivot points:

Resistance levels:

R1: 1,260.90

R2: 1,264.50

R3: 1,270.40

Support levels:

S1: 1,249.00

S2: 1,245.50

S3: 1,239.60

Trading recommendations for today: Watch for selling opportunties. Take profit level is set at the price of $1,250.60.