FX.co ★ Gold analysis for October 26, 2016

Since our previous analysis, gold has been trading sideways around the price of $1,271.00. According to the 30M time frame and using the market profile analysis, I found rejection of extreme swing high at the price of $1,276.30 from yesterday, which is sign of weakness. Watch for selling opportunities on the pullbacks. First downward target is set at the price of $1,262.00.

Fibonacci pivot points:

Resistance levels:

R1: 1,273.85

R2: 1,276.20

R3: 1,280.00

Support levels:

S1: 1,266.00

S2: 1,263.85

S3: 1,260.00

Trading recommendations for today: Weakness on the Gold. Watch for selling opportunties on the pullbacks.