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FX.co ★ Gold analysis for April 29 , 2016

Gold analysis for April 29 , 2016

Since our previous analysis, gold has been moving upwards. The price tested the level of $1,280.64 in a high volume. Accorrding to the 15M time frame, I found successful testing of supply today, which is a sign that we may see an upward movement. The intraday trend is upward, so watch for buying opportunities on the dips. The level of $1,274.00 seems like a solid area to build buying positions. The first take profit level is set at the price of $1,280.50.The second take profit level is set around the price of $1,283.55.

Gold analysis for April 29 , 2016

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,270.80

R2: 1,278.25

R3: 1,290.35

Support levels:

S1: 1,246.60

S2: 1,239.00

S3: 1,227.00

Trading recommendations for today: Be careful when selling gold at this stage and watch for potential buying opportunities.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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