FX.co ★ Gold analysis for November 03, 2016

Since our previous analysis, gold has been trading downwards. The price tested the level of $1,285.46 in a high volume. According to the 15M time frame and using the market profile analysis, I found intraday initiative sellers, which is a sign that sellers are in control. The price went to test point of control at $1,296.00. I found a previous swing low at the price of $1,295.60, which right now is acting like strong resistance. Watch for selling opportunities. The first downward station is set at the price of $1,285.60.

Fibonacci pivot points:

Resistance levels:

R1: 1,307.85

R2: 1,312.20

R3: 1,319.40

Support levels:

S1: 1,293.55

S2: 1,289.15

S3: 1,282.00

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