InstaForex - Analytics


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    Gold analysis for June 06, 2016 2016-06-06


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    Since our previous analysis, gold has been moving upwards. The price tested the level of $1,248.54 in a high volume. According to the 5M time frame, I found upward pressure and successful testing of supply in a low volume. Watch for buying opportunities on dips. The trend is upward. Intraday take profit level is set at the price of $1,248.40. The second upward target is set at the price of $1,257.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,251.10

    R2: 1,252.50

    R3: 1,254.90

    Support levels:

    S1: 1,246.30

    S2: 1,244.80

    S3: 1,242.40

    Trading recommendations for today: Be careful when selling gold and watch for buying opportunities.

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