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23.09.201613:16 Forex Analysis & Reviews: Gold analysis for September 23, 2016

Long-term review

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Since our previous analysis, gold has been trading sideways at the price of $1,337.50. The recent strength on Gold was caused due to FED Fund rate decision this week but today I found lack of professional interest for an upward movement. I found a broken upward trend in the background. Using the market profile, I found point of control from yesterday at the price of $1,332.60. The first target is set at the price of $1,326.50 and second at the price of $1,320.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,339.20

R2: 1,339.30

R3: 1,339.50

Support levels:

S1: 1,338.90

S2: 1,338.80

S3: 1,338.65

Trading recommendations for today: Strong sign of weakness in the background and broken upward trend line. Watch for potential selling opportunities.

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