FX.co ★ Gold analysis for December 05, 2016

Since our previous analysis, gold has been moving downward. The price tested the level of $1,162.26. Using the market profile on 30M time frame, I found yesterday's point of control at the price of $1,174.00. The 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 $1,161.40 (Fibonacci expansion 100%).

Fibonacci pivot points:

Resistance levels:

R1: 1,188.45

R2: 1,194.65

R3: 1,199.40

Support levels:

S1: 1,177.50

S2: 1,172.80

S3: 1,166.50

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