FX.co ★ Gold analysis for November 17, 2016

Since our previous analysis, gold has been trading sideways around the price of $1,227.10. Using the market profile on 30M time frame, I found a strong 3-day point of control at the price of $1,224.00-$1,226.00. Besides, I found a new upward channel and price respected lower diagonal few times, which is a good sign for a furher upward direction. Watch for buying opportunities. Targets are set at the price of $1,232.70 and $1,238.00.

Fibonacci pivot points:

Resistance levels:

R1: 1,231.40

R2: 1,334.00

R3: 1,238.00

Support levels:

S1: 1,222.70

S2: 1,219.50

S3: 1,214.50

Trading recommendations for today: Watch for potential buying opportunities.