Overview:
Since our last analysis, gold has been trading upwards. As I expected, the price tested the level of $1,147.20 in a very high volume. An intraday short-term trend is upward. In the daily time frame, I found an upward bar in a very high volume. Demand still presents in the market. So, selling looks risky. The price broke the daily 200 SMA . Also, the pair is trading well above all key MA`s (SMA 50,100,150,200) in the H4 time frame. The first take-profit level is reached at $1,134.00 (Fibonacci retracement 61.8%, daily SMA 200). Second short-term takes profit is set at the level of $1,182.00. In the M30 time frame, I found a broken trading range (re-accumulation). Since gold is in the uptrend according to the lower frame, watch for the potential buying opportunities on dips.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,145.80
R2: 1,150.80
R3: 1,158.60
Support levels:
S1: 1,129.80
S2: 1,124.50
S3: 1,116.80
Trading recommendations: Watch for potential breakout of the trading range to confirm further direction.
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 04 , 2016 . Thanks for your support.
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