FX.co ★ Gold analysis for October 12, 2016

Since our previous analysis, gold has been trading sideways at the price of $1,255.00. On the 30M chart, I found yesterday's point of control at $1,259.10, using the market profile. The price respected that level and sellers came in the market. The short-term trend is downward. Watch for selling opportunities. Take proft level is set at the price of $1,241.00.

Fibonacci pivot points:

Resistance levels:

R1: 1,257.15

R2: 1,258.40

R3: 1,260.00

Support levels:

S1: 1,253.00

S2: 1,252.00

S3: 1,250.15

Trading recommendations for today: Watch for selling opportunties. Take profit level is set at the price of $1,241.00.