Gold analysis for December 16, 2016

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.

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