InstaForex - Analytics

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    Gold analysis for June 09 , 2016 2016-06-09

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    Since our previous analysis, gold has been moving upwards.As I had expected, the price tested the level of $1,266.14 in a high volume. According to the 30M time frame, I found changes in the trend dynamic from bullish to bearish. The price went below the 20EMA and I found a supply trend line. Be careful when buying and watch for potential intraday selling opportunities. The take profit level is set at the price of $1,249.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,269.55

    R2: 1,274.60

    R3: 1,282.90

    Support levels:

    S1: 1,253.00

    S2: 1,247.90

    S3: 1,239.60

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


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