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Gold analysis for December 20, 2016

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Recently, the gold has been trading downwards. The price tested the level of $1,127.90 in a high volume. Using the market profile, I found today's point of control at the price of $1,132.55 on the 30M time frame. I found support at the price of $1,127.90. Watch for buying opportunities if the price rejects from support. The upward target is set at the price of $1,138.75. Anyway, if the price rejects the support, watch for selling opportunities with the first downward target at $1,122.90.

Resistance levels:

R1: 1,140.80

R2: 1,141.45

R3: 1,142.50

Support levels:

S1: 1,138.65

S2: 1,138.00

S3: 1,136.90

Trading recommendations for today: Watch the price action near the support at $1,127.90 to confirm further movement.

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