FX.co ★ Gold analysis for October 20, 2016

Since our previous analysis, gold has been trading sideways around the price of $1,270.00. According to the 30M time frame, I found strong upward momentum. I placed an upward trend line and the price respecting very well the upward trend line, which is a sign of strength. Using the market profile analysis, I found yesterday's point of control at the price of $1,269.70. My advice is to watch for potential buying opportunities. I placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 61.8% at the price of $1,275.00 and Fibonacci expansion 100% at the price of $1,280.00.

Fibonacci pivot points:

Resistance levels:

R1: 1,270.70

R2: 1,272.40

R3: 1,276.60

Support levels:

S1: 1,264.15

S2: 1,262.30

S3: 1,258.80

Trading recommendations for today: Intraday upward trend. Watch for buying opportunties on the dips.