FX.co ★ Gold analysis for December 19, 2016

Recently, the gold has been trading upwards. The price tested the level of $1,142.14 in a high volume. Using the market profile, I found Friday's point of control at the price of $1,133.15 on the 30M time frame. I found strong resistance at the price of $1,142.00. Watch for buying opportunities if the price breaks resitance. Upward target is set at the price of $1,145.80. Anyway, if the price rejects the resistance, watch for selling opportunities with the first downward target at $1,133.15 and the second one at $1,127.90.

Resistance levels:

R1: 1,138.45

R2: 1,139.20

R3: 1,140.10

Support levels:

S1: 1,136.25

S2: 1,135.50

S3: 1,134.10

Trading recommendations for today: Watch price action near resistance to confirm further direction.