FX.co ★ Gold analysis for October 21, 2016

Since our previous analysis, gold has been trading sideways around the price of $1,265.00. According to the 30M time frame and using the market profile analysis, I found the strong point of control area at the price of $1,261.50. The price rejected successfully from the point of control, which is a very good sign of strength. Watch for buying opportunities. Intraday upward take profit level is set at the price of

Fibonacci pivot points:

Resistance levels:

R1: 1,269.00

R2: 1,270.00

R3: 1,272.50

Support levels:

S1: 1,265.15

S2: 1,264.00

S3: 1,262.80

Trading recommendations for today: Intraday upward trend. Watch for buying opportunties on the dips.