FX.co ★ Gold analysis for December 02, 2016

Since our previous analysis, gold has been moving sideways at the price of $1,171.00. Using the market profile on 30M time frame, I found yesterday's point of control at the price of $1,167.00. Price is trading below 21SMA, which is a sign of weakness. Be careful when buying and watch for potential selling opportunities. The first downward target is set at the price of $1,160.80 (swing low).

Fibonacci pivot points:

Resistance levels:

R1: 1,172.75

R2: 1,176.20

R3: 1,181.80

Support levels:

S1: 1,161.60

S2: 1,158.20

S3: 1,152.60

Trading recommendations for today: Sellers are in control today, so watch for selling opportunities.