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Gold analysis for December 16, 2016

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Recently, gold has been trading sideways at the price of $1,130.80. Using the market profile, I found today’s point of control at the price of $1,133.30 on the 30M time frame. The price is trading below 21SMA, which is a sign of weakness. Watch for selling opportunities.The short-term trend is bearish. The downward target is set at the price of $1,122.95.

Resistance levels:

R1: 1,139.00

R2: 1,143.65

R3: 1,151.10

Support levels:

S1: 1,124.25

S2: 1,119.70

S3: 1,112.80

Trading recommendations for today: Watch for selling opportunities on pullbacks.

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

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Gold analysis for December 16, 2016 Reviewed by on . Recently, gold has been trading sideways at the price of $1,130.80. Using the market profile, I found today's point of control at the price of $1,133.30 on the Recently, gold has been trading sideways at the price of $1,130.80. Using the market profile, I found today's point of control at the price of $1,133.30 on the Rating:
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