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    Gold analysis for June 15 , 2016


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    Since our previous analysis, gold has been moving upwards. As I had expected, the price tested the level of $1,289.65 in a high volume. The trend is upward but according to the 1H time frame, I found a broken upward trend line (demand trend line), which is a sign that sellers took control over buyers and that buying gold at this stage looks risky. I saw successful re-test of the demand trend line. So, watch for selling opportunities. I have placed the Fibonacci retracement to find potential downward targets. I got the Fibonacci retracacement 38.2% at the price of $1,269.00, Fibonacci retracement 50% at the price of $1,262.25, and Fibonacci retracement 61.8% at the price of $1,255.55.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,289.55

    R2: 1,292.35

    R3: 1,296.10

    Support levels:

    S1: 1,280.50

    S2: 1,277.60

    S3: 1,273.20

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

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