InstaForex - Analytics

    InstaForex

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

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    I found strong signs of strength in the background and a potential professional accumulation phase. According to the 30M time frame, I found a massive volume spike (selling climax) in the background fallowed by a reversal up-thrust bar (demand overcame supply). Today we saw successful testing of supply in a low-average volume, which is a strong sign for me that professional money is interested in an upward price. Watch for buying opportunities. First take profit level is set at the price of $1,232.80.

    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 buying opportunties on the dips.


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