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Gold analysis for September 12, 2016

analytics57d69c2bd8e98.png

Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,323.38 in a high volume. My take profit from Friday at the price of $1,326.50 has been met. According to the 30M time frame and using the market profile, I found point of control for today at the price of $1,327.80 (good level for selling). The Friday's low is at the same price as like today point of control, which is a sign that sellers are in control. Watch for selling opportunities. Downward target is set at the price of $1,314.30.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,333.50

R2: 1,334.00

R3: 1,335.00

Support levels:

S1: 1,331.60

S2: 1,331.00

S3: 1,330.00

Trading recommendations for today: Watch for potential selling opportunities.

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