InstaForex - Analytics

    InstaForex

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    Gold analysis for April 05 , 2016 2016-04-05

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    Since our previous analysis, Gold has been moving upwards. As I expected , the price reached our first take profit level at $1,232.80. An accumulation phase took place and we got the strong effect (upward movement) from professionals. According to the 30M time frame, I found a massive volume spike (selling climax) in the background followed by a reversal up-thrust bar (demand overcame supply). Today we can observe again successful testing of supply in a low-average volume, which is a strong sign for me that professional money is still interested in an upward price. Watch for buying opportunities on the dips. Take profit level is set near the price of $1,241.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,220.70

    R2: 1,222.50

    R3: 1,225.37

    Support levels:

    S1: 1,215.10

    S2: 1,213.40

    S3: 1,210.70

    Trading recommendations for today: watch for buying opportunties on the dips.


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