Gold analysis for November 23, 2016

Source: Forex Analysis

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Since our previous analysis, gold has been trading downwards. As I had expected, the price tested the level of $1,209.86 in a high volume. Using the market profile analysis, I found a strong point of control from 2 days ago at the price of $1,214.00. The price made resistance cluster today near this level; and it is good sign of weakness. Watch for potential selling opportunities. The first downward target is set at the price of $1,206.15; and second target, at the price of $1,203.20.

Fibonacci pivot points:

Resistance levels:

R1: 1,212.20

R2: 1,213.40

R3: 1,215.60

Support levels:

S1: 1,208.40

S2: 1,206.40

S3: 1,202.20

Trading recommendations for today: Watch for potential selling opportunities.

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