Gold Analysis for April 07, 2016
Since our previous analysis, gold has been moving upwards. As i expected, the price tested the level of $1,239.39 in a high volume. I found strong upward pressure today and my advice is to watch for buying opportunities. I found a successful test bar in a low volume at the price of $1,234.20, which is a sign that professional money is interested in buying positions today. The first take profit level is set at the price of $1,239.40 and the second take profit level is set at the price of $1,243.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,229.50
R2: 1,236.00
R3: 1,242.00
Support levels:
S1: 1,216.40
S2: 1,210.60
S3: 1,203.80
Trading recommendations for today: watch for buying opportunities on dips.
The material has been provided by InstaForex Company - www.instaforex.com
