FX.co ★ Gold analysis for December 06, 2016

Since our previous analysis, gold has been moving upward. The price tested the level of $1,175.75 in a high volume. Using the market profile on 30M time frame, I found today's point of control at the price of $1,171.90. The price is trading above 21SMA, which is a sign of strength. Be careful when selling and watch for potential buying opportunities. I also found a symmetrical triangle. Watch for an upward breakout to confirm momentum. I placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 61.8% at the price of $1,179.90 and Fibonacci expansion 100% at the price of $1,186.70.

Fibonacci pivot points:

Resistance levels:

R1: 1,188.15

R2: 1,202.30

R3: 1,217.80

Support levels:

S1: 1,158.40

S2: 1,142.80

S3: 1,128.50

Trading recommendations for today: Watch for a breakout of the symmetrial triangle to confirm momentum.