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Gold analysis for November 10, 2016

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Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,269.99 in a high volume. The price met my yesterday's take profit at $1,270.00. Using the market profile analysis, I found today's point of control at the price of $1,285.80. Sellers are in control of the market. Price is trading below the 21 SMA, which is a sign for weakness. Watch for selling opportunities on pullbacks. Targets are set at the price of $1,269.30, $1,261.40 and $1,234.10.

Watch for selling opportunities.

Fibonacci pivot points:

Resistance levels:

R1: 1,305.65

R2: 1,317.20

R3: 1,335.60

Support levels:

S1: 1,268.50

S2: 1,257.00

S3: 1,238.50

Trading recommendations for today: Sellers are in control, watch for selling opportunities on pullbacks.

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