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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.



Expert In



Gold analysis for May 31 , 2016


Since our previous analysis, gold has been trading upwards. The price tested the level of $1,214.08 in an average volume. According to the 30M time frame, I found a potential bearish flag formation. Watch for potential breakout of an upward channel to confirm further downward continuation. If the price breaks the level of $1,209.70, we may see a downward continuation. Take profit level is set at the price of $1.200.00. Anyway, if the price rejects from the upward diagonal, we may see potential testing of $1,215.50.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,213.40

R2: 1,216.00

R3: 1,220.40

Support levels:

S1: 1,204.70

S2: 1,202.00

S3: 1,197.70

Trading recommendations for today: Be careful when buying Gold at this stage and watch for selling opportunities on pullbacks.

The material has been provided by InstaForex Company -