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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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Gold analysis for April 12 , 2016

analytics570cc1c8ae0b6.png

Since our previous analysis, gold has been moving upwards. As I expected, the price tested the level of $1,262.45 in a high volume. The yesterday's analysis is still valid. I found a broken downward channel according to the H4 time frame, which is a sign that selling gold at this stage looks risky. Watch for potential buying opportunities on dips. The take profit level is set at the price of $1,278.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,262.00

R2: 1,267.00

R3: 1,274.00

Support levels:

S1: 1,246.00

S2: 1,242.00

S3: 1,234.00

Trading recommendations for today: Watch for potential buying opportunities on dips.

The material has been provided by InstaForex Company - www.instaforex.com