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Gold analysis for October 13, 2016

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Since our previous analysis, gold has been trading sideways at the price of $1,259.00. On the 30M chart, I found yesterday's point of control zone around the price of $1,259.10, using the market profile. The price respected that level and I found weak demand. The short-term trend is still downward. Watch for selling opportunities. Take proft levels is set at the price of $1,250.20 and $1,241.00.

Fibonacci pivot points:

Resistance levels:

R1: 1,253.10

R2: 1,253.70

R3: 1,254.60

Support levels:

S1: 1,251.40

S2: 1,250.85

S3: 1,250.00

Trading recommendations for today: Watch for selling opportunties. Take profit level is set at the price of $1,245.20.

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