FX.co ★ Gold analysis for October 18, 2016

Since our previous analysis, gold has been trading sideways at the price of $1,261.00. On the 4H time frame chart, I found a trading range (potential re-distribtion) between the price of $1,265.50 (resistance) and the price of $1,241.22 (support). The Gold is in downward trend and my advice is to watch for a potential breakout of suppot for bearish position. Watch for breakout of $1,214.22 to confirm further lower price. The downward target is set at the price of $1.201.60.

Fibonacci pivot points:

Resistance levels:

R1: 1,255.00

R2: 1,256.25

R3: 1,258.00

Support levels:

S1: 1,251.15

S2: 1,249.95

S3: 1,248.00

Trading recommendations for today: Watch for selling opportunities. The target is set at the price of $1,201.60.