Overview:
Since our last analysis, gold has been trading upwards. As I expected, the price tested the level of $1.123.95 in a high volume. An intraday short-term trend is upward. So, selling looks very risky. Also. the pair is trading well above all key MA`s (SMA 50,100,150,200) in the H4 time frame. The take-profit zone is established around the level of $1,134.00 (Fibonacci retracement 61.8%, daily SMA 200). In the 30M time frame, as I expected, buyers absorbed the massive volume spike (selling climax). First intraday resistance is seen at the level of $1,127.80.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,118.10
R2: 1,118.75
R3: 1,119.80
Support levels:
S1: 1,116.00
S2: 1,115.45
S3: 1,114.50
Trading recommendations: Trading recommendations: watch for potential buying opportunities on dips.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Gold analysis for February 01, 2016 . Thanks for your support.
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