Gold analysis for November 04, 2016

Source: Forex Analysis

analytics581c768d8a820.png

Since our previous analysis, gold has been trading sideways at the price of $1,300.00. According to the 30M time frame and using the market profile analysis, I found strong resistance and strong point of control at the price of $1,300.25. Also, there is supply trendline in the background, which is a good sign for further lower price. Watch for selling opportunities. The first downward target is set at the price of $1,294.81 and second target is set at the price of $1,285.65.

Fibonacci pivot points:

Resistance levels:

R1: 1,303.50

R2: 1,307.25

R3: 1,313.30

Support levels:

S1: 1,291.45

S2: 1,287.75

S3: 1,281.70

Trading recommendations for today: Weakness on Gold is expected today. Watch for selling opportunities.

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