InstaForex - Analytics

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    Gold analysis for June 16 , 2016

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    Since our previous analysis, gold has been moving upwards. The price tested the level of $1,313.29 in a high volume. The trend is bullish. According to the 30M time frame, I found a potential end of the bearish correction at the price of $1,301.90. Stochastic is at the oversold level (15) and there is a broken supply trend line. Watch for buying opportunities. I am expecting a re-testing of swing high at the price of $1,313.29.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,298.06

    R2: 1,302.40

    R3: 1,309.50

    Support levels:

    S1: 1,283.90

    S2: 1,279.50

    S3: 1,272.40

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


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