FX.co ★ Gold analysis for October 28, 2016

Since our previous analysis, gold has been trading downwards. The price tested the level of $1,265.34. According to the 30M time frame and using the market profile analysis, I found rejection of an extreme swing high at the price of $1,272.00, which is a sign of weakness. I placed FIbonacci expansion to find potential objective points. I got Fibonacci expansion 100% at the price of $1,260.90 and Fibonacci expansion 161.8% at the price of $1,253.70. Downward momentum on the gold. Watch for selling opportunities.

Fibonacci pivot points:

Resistance levels:

R1: 1,267.90

R2: 1,268.40

R3: 1,269.20

Support levels:

S1: 1,266.30

S2: 1,265.80

S3: 1,265.00

Trading recommendations for today: Weakness the Gold. Watch for selling opportunities on the pullbacks.