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


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    Since our last analysis, gold has been trading downwards. The price tested the level of $1,208.30 Supply trend line at the price of $1,245.00 was held successfully. According to the daily time frame, I found trading range between the price of $1,245.00 (resistance) and the price of $1,208.00 (support). Watch for a successful breakout of $1,208.00 to confirm further downward movement and then try to sell on the rallies. First downward take profit level is set at the price of $1,193.60. Second take profit level is set at the price of $1,177.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,223.25

    R2: 1,224.00

    R3: 1,225.80

    Support levels:

    S1: 1,220.00

    S2: 1,219.00

    S3: 1,217.00

    Trading recommendations for today: Watch for selling opportunities on the rallies.

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