FX.co ★ Gold analysis for November 22, 2016

Since our previous analysis, gold has been trading sideways next to the price of $1,214.80. Using the market profile analysis, I found a strong multiday point of control near the price of $1,225.00. I also found a potential bearish flag formation, which is a sign of weakness. Watch for a potential breakout of the upward channel to confirm a downward direction. The first target is set at the price of $1,203.00

Fibonacci pivot points:

Resistance levels:

R1: 1,217.40

R2: 1,220.10

R3: 1,224.60

Support levels:

S1: 1,208.40

S2: 1,206.00

S3: 1,201.65

Trading recommendations for today: Watch for potential selling opportunities.