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    Gold analysis for June 10 , 2016 2016-06-10


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    Since our previous analysis, gold has been moving upwards. The price tested the level of $1,271.48 in a high volume. The trend is upward. According to the 30M time frame, I found a delta level at the price of $1,264.50. The level of $1,264.50 looks like a solid support. Watch for potential buying opportunities on the dips. The first take profit level is set at the price of $1,271.00. Anyway, if the price breaks the level of $1,264.50, we may see downward movement and potential testing of $1,257.20.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,271.55

    R2: 1,274.90

    R3: 1,280.35

    Support levels:

    S1: 1,260.70

    S2: 1,257.00

    S3: 1,251.40

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

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