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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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Analysis of gold for November 07, 2016

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Since our previous analysis, gold has been trading downwards. The price tested the level of $1,283.51 in an average volume. Using the market profile analysis, I found potential intraday bottoming near the price of $1,285.45 on the 30M time frame. I found unsuccessful breakout of yesterdays's low at the price of $1,285.45, which is a sign that buyers may step in. Be careful when selling gold near the lows and watch for potential intraday buying opportuniities. First upward station is set at the price of $1,295.50.

Fibonacci pivot points:

Resistance levels:

R1: 1,301.40

R2: 1,305.50

R3: 1,312.30

Support levels:

S1: 1,288.45

S2: 1,283.90

S3: 1,277.30

Trading recommendations for today: Unssucessful breakout of the low is in the background. Watch for potential buying opportunties.

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