FX.co ★ Analysis of gold for March 31, 2016

Since our last analysis, gold has been trading sideways at $1,233.00. A breakout of the $1,245.50 level is needed for continuation of upward movement. On the 30M time frame chart, I found selling climax in the background and successful testing of supply, which is the sign that professionals are interested in higher price. Watch for a successful breakout of $1,245.50 and then try to buy on the dips with the first target near the level of $1,259.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,240.50

R2: 1,245.60

R3: 1,253.90

Support levels:

S1: 1,224.15

S2: 1,218.30

S3: 1,210.00

Trading recommendations for today: Watch for buying opportunities on the dips. Selling looks very risky.