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    Gold analysis for May 06 , 2016 2016-05-06


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    Since our previous analysis, gold has been moving sideways at the price of $1,280.00. On the 4H time-frame chart, I found a broken downward channel (bullish flag) in a high volume, which is a sign that selling looks risky. I also found rejection from pivotal point at the price of $1,269.00, which is a strong sign that gold can rise. Watch for buying opportunities on the dips. The first take profit level is set at the price of $1,302.50.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,284.50

    R2: 1,288.00

    R3: 1,293.90

    Support levels:

    S1: 1,272.90

    S2: 1,269.30

    S3: 1,263.50

    Trading recommendations for today: be careful when selling gold at this stage and watch for potential buying opportunities on the dips.

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