FX.co ★ Gold analysis for October 24, 2016

Since our previous analysis, gold has been trading sideways around the price of $1,264.00. According to the 30M time frame and using the market profile analysis, I found the strong point of control area at the price of $1,266.00. The price rejected successfully from the point of control, which is a clear sign of weakness. The price is also trading below the Ichimoku cloud. Watch for potential selling opportunities. The first downward station is set at the price of $1,262.50 and $1,261.00.

Fibonacci pivot points:

Resistance levels:

R1: 1,267.20

R2: 1,267.50

R3: 1,267.95

Support levels:

S1: 1,266.15

S2: 1,265.95

S3: 1,265.45

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