FX.co ★ Gold analysis for October 31, 2016

Since our previous analysis, gold has been trading sideways at the price of $1,272.80. According to the 5M time frame and using the market profile analysis, I found intraday distribution in the background, which is a sign that sellers are in control today. Today's point of control is set at the price of $1,276.70. Watch for selling opportunities on the pullbacks. The first downward target is set at the price of $1,267.25. A good level to establish potential selling position is around the point of control at $1,276.70.

Fibonacci pivot points:

Resistance levels:

R1: 1,280.30

R2: 1,281.10

R3: 1,282.35

Support levels:

S1: 1,277.75

S2: 1,276.96

S3: 1,275.65

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