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FX.co ★ Gold analysis for September 30, 2016

Gold analysis for September 30, 2016

Gold analysis for September 30, 2016

Since our previous analysis, gold has been trading upwards. The price tested the level of $1,327.58 in a high volume. According the M30 time frame and market profile, I found a strong point of control at the price of $1,327.00 and the price successfully rejected from that level. I found a potential bearish flag. So, watch for a potential breakout to confirm downward movements. A downward target is set at the price of $1,315.90-$1,314.60.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,324.40

R2: 1,326.85

R3: 1,333.80

Support levels:

S1: 1,316.50

S2: 1,314.10

S3: 1,310.20

Trading recommendations for today: Intraday downward trend. Watch for selling opportunities if the price breaks the potential bearish flag.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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