InstaForex - Analytics

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    Gold analysis for June 07 , 2016 2016-06-07

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    Since our previous analysis, gold has been moving downwards. The price tested the level of $1,236.30 in a high volume. According to the 30M time frame, I have found changes in the trend dynamic from bullish to bearish. There is a buying climax in the background and today I found no demand bars that is a sign that sellers are in control. Watch for selling opportunities on the pullbacks. I placed Fibonacci retracement to find potential downward targets. I got Fibonacci retracement 38.2% at the price of $1,232.85, Fibonacci retracement 50% at the price of $1,228.00, and Fibonacci retracement 61.8% at the price of $1,223.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,248.60

    R2: 1,250.60

    R3: 1,253.80

    Support levels:

    S1: 1,242.00

    S2: 1,240.00

    S3: 1,236.70

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


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