Gold analysis for November 30, 2016

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Since our previous analysis, gold has been trading sideways at the price fo $1,185.50. The yesterday analysis is still valid. Using the market profile analysis, I found a strong point of control at the price of $1,186.00. Anyway, I found the trading range between the prices of $1,180.40 (support) and $1,197.00 (resistance). The short-term trend is downward, but my advice is to watch for a potential breakout of a trading range to confirm a direction. The breakout of resistance may confirm further testing of $1,212.00. The breakout of support may confirm potential testing of $1,173.00. The second downward target is set at the price of $1,158.00. Since the trend is downward, gold got more chances for a downward breakout.

Fibonacci pivot points:

Resistance levels:

R1: 1,193.25

R2: 1,196.90

R3: 1,202.00

Support levels:

S1: 1,181.50

S2: 1,177.85

S3: 1,171.95

Trading recommendations for today: Watch for a potential breakout of the trading range to confirm further direction.

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

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