FX.co ★ Gold analysis for October 10, 2016

Since our previous analysis, gold has been trading sideways at the price of $1,264.15. According to the 30M time frame, I found rejection from a point of control at the price of $1,265.00, which is a sign that sellers are in control. The short-term trend is downward and my advice is to watch for selling oportunities. The downward target is set at the price of $1,242.40.

Fibonacci pivot points:

Resistance levels:

R1: 1,263.45

R2: 1,264.65

R3: 1,266.65

Support levels:

S1: 1,259.00

S2: 1,258.25

S3: 1,256.30

Trading recommendations for today: Watch for selling opportunties. Take profit level is set at the price of $1,242.40.