FX.co ★ Gold analysis for December 22, 2016

Recently, the gold has been downwards. As I expected, the price tested the level of $1,128.14. Using the market profile, I found today's point of control at the price of $1,130.90 on the 30M time frame. According to the 30M time frame, I found that price is trading below the 21SMA and that there is sluggish demand in the background, which is a sign of weakness. Watch for selling opportunities on the pullbacks. Downward targets are set at the levels of $1,128.20 (yesterday's low) and $1,125.85.

Resistance levels:

R1: 1,134.75

R2: 1,136.00

R3: 1,138.50

Support levels:

S1: 1,130.00

S2: 1,128.60

S3: 1,126.50

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