InstaForex - Analytics

    InstaForex

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    Gold analysis for April 01 , 2016 2016-04-01

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    Since our last analysis, gold has been trading sideways at $1,231.00. A breakout of the $1,245.50 level is needed for the continuation of the upward movement. On the 4H time frame chart, I found low liquidity on the market. Watch for a successful breakout of $1,245.50 and then try to buy on the dips with the first target near the level of $1,259.00. From the other side, we got a weak closing of the bar from yesterday, which is a sign that we may see a downward correction before the breakout.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,240.00

    R2: 1,243.90

    R3: 1,250.00

    Support levels:

    S1: 1,227.00

    S2: 1,223.30

    S3: 1,217.00

    Trading recommendations for today: Watch for buying opportunities on the dips. Selling looks very risky.


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