FX.co ★ Gold analysis for December 15, 2016

Recently, gold has been trading downwards. The price tested the $1,126.87 level in a high volume. Using the market profile, I found todays' point of control at the price of $1,142.00 on the 30M time frame. There is also profile peak at the price of $1,137.35. Watch for small retracement to establish bearish positions. Price is trading below 21SMA, which is another sign of weakness. Downward targets are set at the levels of $1,126.15, $1,115.00 and $1,097.00.

Resistance levels:

R1: 1,164.00

R2: 1,169.00

R3: 1,177.70

Support levels:

S1: 1,147.40

S2: 1,142.20

S3: 1,133.80

Trading recommendations for today: Watch for selling opportunities on the pullbacks.