FX.co ★ Gold analysis for January 09, 2017

Recently, gold has been trading sideways at the price of $1,178.00. According to the 30M time frame and using the market profile, I found Friday's point of control at the price of $1,178.40. The intraday trend is bullish and my advice is to watch for buying opportunities on the dips. I have placed Fibonacci expansion to find a potential upward target. I got Fibonacci expansion 161.8% at the price of $1,181.80.

Resistance levels:

R1: 1,174.50

R2: 1,174.90

R3: 1,175.70

Support levels:

S1: 1,172.60

S2: 1,172.00

S3: 1,171.30

Trading recommendations for today: Watch for potential buying opportunities.