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Gold analysis for September 26, 2016

analytics57e90f1d7a47a.png

Since our previous analysis, gold has been trading sideways at the price of $1,336.50. The breakout of an upward trend line is still active and my advice is to watch for selling opportunities. I found the supply trend line and lower swing highs, which is a sign of weakness. Using the market profile, I found a neutral day. Watch for selling opportunities. Target levels are set at the price of $1,332.75, $1,326.50, and $1,320.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,342.70

R2: 1,343.20

R3: 1,344.00

Support levels:

S1: 1,341.00

S2: 1,340.45

S3: 1,339.60

Trading recommendations for today: A strong sign of weakness in the background and broken upward trend line. Watch for potential selling opportunities.

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