FX.co ★ Gold analysis for January 04, 2017

Recently, gold has been trading upwards. The price tested the level of $1,167.60 in a high volume volume. According to the 30M time frame and using the market profile, I found yesterday's point of control at the price of $1,157.15. Intraday trend is bullish and my advice is to watch for buying opportunities on the dips. I have placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 100% at the price of $1,173.65 and Fibonacci expansion 161.8% at the price of $1,184.00.

Resistance levels:

R1: 1,161.32

R2: 1,164.75

R3: 1,170.00

Support levels:

S1: 1,150.20

S2: 1,147.00

S3: 1,141.60

Trading recommendations for today: Watch for potential buying opportunities.