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    Gold : analysis for February 08 , 2016 2016-02-08

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    Overview:

    Since our last analysis, gold has been trading upwards. As I expected, the price tested $1,182.86 level in a very high volume. An intraday short-term trend is upward. An upward bar in a very high volume is seen in the daily time frame. Demand still presents in the market. Therefore, selling looks risky. Our second take profit level has been reached at $1,182.00. If the price breaks the $1,190.00 level, we may see a potential test of $1,224.00 (Daily resistance). The 1H time frame shows strong upward trend and the price is well above all key MA`s. Since gold is in the uptrend according to the lower time frames, watch for potential buying opportunities on dips.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,171.20

    R2: 1,173.15

    R3: 1,176.30

    Support levels:

    S1: 1,164.95

    S2: 1,163.00

    S3: 1,159.90

    Trading recommendations: Watch for a potential breakout of resistance and then try to buy on dips.


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