FX.co ★ Gold analysis for November 16, 2016

Since our previous analysis, gold has been trading sideways at the price of $1,226.10. Using the market profile on 30M time frame, I found a strong point of control at the price of $1,225.35. Besides, I found a broken upward channel in the background. The metal is now trading below 21SMA, which is a sign of weaknes. Watch for potential selling opportunities on the pullbacks. A downward target is set at the price of $1,211.60.

Fibonacci pivot points:

Resistance levels:

R1: 1,300.40

R2: 1,333.00

R3: 1,238.00

Support levels:

S1: 1,220.70

S2: 1,217.80

S3: 1,212.50

Trading recommendations for today: Watch for a potential selling opportunities on the pullbacks.