FX.co ★ Gold analysis for October 19, 2016

Since our previous analysis, gold has been upwards. The price tested the level of $1,270.65 in an average volume. 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 a 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. According to 30M time frame and using the market profile analysis, I found a point of control for today at the price of $1,262.60. Sellers may decide to re-test the point of control.

Fibonacci pivot points:

Resistance levels:

R1: 1,261.35

R2: 1,262.00

R3: 1,262.15

Support levels:

S1: 1,260.50

S2: 1,260.30

S3: 1,259.75

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