FX.co ★ Analysis of gold for November 07, 2016

Since our previous analysis, gold has been trading downwards. The price tested the level of $1,283.51 in an average volume. Using the market profile analysis, I found potential intraday bottoming near the price of $1,285.45 on the 30M time frame. I found unsuccessful breakout of yesterdays's low at the price of $1,285.45, which is a sign that buyers may step in. Be careful when selling gold near the lows and watch for potential intraday buying opportuniities. First upward station is set at the price of $1,295.50.

Fibonacci pivot points:

Resistance levels:

R1: 1,301.40

R2: 1,305.50

R3: 1,312.30

Support levels:

S1: 1,288.45

S2: 1,283.90

S3: 1,277.30

Trading recommendations for today: Unssucessful breakout of the low is in the background. Watch for potential buying opportunties.