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Gold analysis for December 14, 2016


Recently, gold has been moving sideways at the price of $1,163.44. According to the 30M time frame, the price is trading above 21 SMA, which is a sign of strength. According to market profile analysis, yesterday's point of control is set at the price of $1,158.50. Today, buyers are in control and I placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 100% at the price of $1,168.00 and Fibonacci expansion 161.8% at the price of $1,177.50. Besides, there is a swing high is at the price of $1,165.40 (first upward target).

Resistance levels:

R1: 1,162.00

R2: 1,164.00

R3: 1,167.50

Support levels:

S1: 1,155.40

S2: 1,153.40

S3: 1,150.20

Trading recommendations for today: Buyers are in control today. Watch for buying opportunities on dips.

The material has been provided by InstaForex Company -