FX.co ★ Gold analysis for November 29, 2016

Since our previous analysis, gold has been trading sideways at the price fo $1,188.50. The analysis from yesterday is still valid. Using the market profile analysis, I found a strong point of control at the price of $1,186.00. Anyway, I found the trading range between the price of $1,180.40 (support) and the price of $1,197.00 (resistance). The short-term trend is downward but my advice is to watch for a potential breakout of a trading range to confirm a direction. The breakout of resistance may confirm further testing of $1,212.00. The breakout of support may confirm potential testing of $1,173.00.

Fibonacci pivot points:

Resistance levels:

R1: 1,190.45

R2: 1,191.00

R3: 1,192.00

Support levels:

S1: 1,188.75

S2: 1,188.00

S3: 1,187.40

Trading recommendations for today: Watch for a potential breakout of a trading range to confirm a further direction.