FX.co ★ Gold analysis for November 08, 2016

Since our previous analysis, gold has been trading downwards. The price tested the level of $1,278.73 in an average volume. Using the market profile analysis, I found potential intraday bottoming near the price of $1,278.80 on the 15M time frame. I found successful rejection from yesterday's low at the price of $1,278.80, 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 $1,282.75.

Fibonacci pivot points:

Resistance levels:

R1: 1,289.80

R2: 1,293.20

R3: 1,298.60

Support levels:

S1: 1,278.85

S2: 1,275.50

S3: 1,270.00

Trading recommendations for today: Successful rejection from the low in the background. Watch for buying opportuntiies.