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Gold analysis for June 16 , 2016

analytics576297b1587ce.png

Since our previous analysis, gold has been moving upwards. The price tested the level of $1,313.29 in a high volume. The trend is bullish. According to the 30M time frame, I found a potential end of the bearish correction at the price of $1,301.90. Stochastic is at the oversold level (15) and there is a broken supply trend line. Watch for buying opportunities. I am expecting a re-testing of swing high at the price of $1,313.29.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,298.06

R2: 1,302.40

R3: 1,309.50

Support levels:

S1: 1,283.90

S2: 1,279.50

S3: 1,272.40

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

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