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Gold analysis for June 08 , 2016

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Since our previous analysis, gold has been moving upwards. The price tested the level of $1,254.00 in a high volume. According to the 30M time frame, I found broken trading range (re-accumulation phase). The price went out of the trading range in a high volume, which is a sign that selling looks risky. My advice is to watch fro buying opportunities on the dips. The first take profit level is set at the price of $1,265.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,248.80

R2: 1,251.60

R3: 1,256.00

Support levels:

S1: 1,239.50

S2: 1,236.70

S3: 1,232.10

Trading recommendations for today: Be careful when selling and watch for buying opportunities on the dips.

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