InstaForex - Analytics


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    Gold analysis for June 08 , 2016 2016-06-08


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    Since our previous analysis, gold has been moving upwards. The price tested the level of $1,254.00 in a high volume. According to the 30M time frame, I found broken trading range (re-accumulation phase). The price went out of the trading range in a high volume, which is a sign that selling looks risky. My advice is to watch fro buying opportunities on the dips. The first take profit level is set at the price of $1,265.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,248.80

    R2: 1,251.60

    R3: 1,256.00

    Support levels:

    S1: 1,239.50

    S2: 1,236.70

    S3: 1,232.10

    Trading recommendations for today: Be careful when selling and watch for buying opportunities on the dips.

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