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07.04.201613:01 Forex Analysis & Reviews: Gold analysis for April 07, 2016

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 07.04.2016 analysis

Since our previous analysis, gold has been moving upwards. As i expected, the price tested the level of $1,239.39 in a high volume. I found strong upward pressure today and my advice is to watch for buying opportunities. I found a successful test bar in a low volume at the price of $1,234.20, which is a sign that professional money is interested in buying positions today. The first take profit level is set at the price of $1,239.40 and the second take profit level is set at the price of $1,243.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,229.50

R2: 1,236.00

R3: 1,242.00

Support levels:

S1: 1,216.40

S2: 1,210.60

S3: 1,203.80

Trading recommendations for today: watch for buying opportunities on dips.

Petar Jacimovic
Analytical expert of InstaForex
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