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    Gold analysis for May 16 , 2016 2016-05-16


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    Since our previous analysis, gold has been moving upwards. The price tested the $1,283.64 level in a high volume. On the 5M time frame chart, I found an upward trend line and successful rejection in a low volume. The price is testing an upward diagonal and there has been no selling power for breakout so far, which means that we may see potential upward continuation. Watch for buying opportunities on the dips. Buy positions are recommended at $1,280.00. The take profit level is set at the price of $1,295.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,276.30

    R2: 1,277.00

    R3: 1,279.00

    Support levels:

    S1: 1,272.50

    S2: 1,272.00

    S3: 1,270.00

    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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