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Gold analysis for September 09, 2016

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Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,332.28 in a high volume. My take profit from yesterday at the price of $1,339.00 has been met. According to the 30M time frame and using the market profile, I found peak resistance at the price of $1,336.60. My advice is to watch for selling opportunities. I found a downward target at the price of $1,326.50.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,343.00

R2: 1,345.30

R3: 1,349.00

Support levels:

S1: 1,335.60

S2: 1,333.30

S3: 1,329.60

Trading recommendations for today: Watch for potential selling opportunities.

The material has been provided by InstaForex Company - www.instaforex.com