30.09.201614:26 Forex Analysis & Reviews: Gold analysis for September 30, 2016

Long-term review

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Since our previous analysis, gold has been trading upwards. The price tested the level of $1,327.58 in a high volume. According the M30 time frame and market profile, I found a strong point of control at the price of $1,327.00 and the price successfully rejected from that level. I found a potential bearish flag. So, watch for a potential breakout to confirm downward movements. A downward target is set at the price of $1,315.90-$1,314.60.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,324.40

R2: 1,326.85

R3: 1,333.80

Support levels:

S1: 1,316.50

S2: 1,314.10

S3: 1,310.20

Trading recommendations for today: Intraday downward trend. Watch for selling opportunities if the price breaks the potential bearish flag.

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