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27.09.201614:20 Forex Analysis & Reviews: Gold analysis for September 27, 2016

Long-term review

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Since our previous analysis, gold has been trading sideways at the price of $1,333.90. I found a fake breakout of supply trendline, which is good sign for further downward movement. Using the market profile, I found a yesterday's point of control at the price of $1,336.00. Watch for selling opportunities. Target levels are set at the price of $1,332.75, $1,326.50, and $1,320.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,341.40

R2: 1,343.00

R3: 1,345.50

Support levels:

S1: 1,336.40

S2: 1,334.80

S3: 1,332.50

Trading recommendations for today: I've noticed a strong sign of weakness in the background and fake breakout of upward trend line. Watch for potential selling opportunities.

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