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

Long-term review

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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.

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