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FX.co ★ Gold analysis for May 26 , 2016

Gold analysis for May 26 , 2016

Gold analysis for May 26 , 2016

Since our previous analysis, gold has been trading upward. The price tested the level of $1,234.02 in an ultra high volume. According to the 30M time frame, I found a volume spike (buying climax) and a bullish bar with a wide range which closed in the middle. I also found no demand bars and up-thrust bar, that is a sign that sellers took control from buyers today. Watch for selling opportunities on pullbacks. Take profit level is set at the price of $1,218.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,229.00

R2: 1,232.00

R3: 1,237.00

Support levels:

S1: 1,219.50

S2: 1,216.45

S3: 1,211.50

Trading recommendations for today: Be careful when buying Gold at this stage and watch for selling opportunities on the pullbacks.

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