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Gold analysis for May 23, 2016

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Since our previous analysis, gold has been trading sideways at the price of $1,249.00. According to the M1 time frame, I found a massive volume spike (selling climax), which is a sign of strength. A wide-spread bearish bar is in an ultra-high volume, but notice that the bar closed in the middle. If professional traders are bearish, the bar should not close in the middle, especially not in an ultra-high volume. This is a potential accumulation phase by professional money. So, watch for buying opportunities on dips. The take profit level is set at the price of $1,251.30.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,253.20

R2: 1,254.00

R3: 1,255.40

Support levels:

S1: 1,250.40

S2: 1,249.60

S3: 1,248.00

Trading recommendations for today: Massive volume spike (selling climax). Selling looks very risky. Watch for buying opportunities.

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