FX.co ★ Gold intraday analysis for April 04 , 2016

I found strong signs of strength in the background and a potential professional accumulation phase. According to the 30M time frame, I found a massive volume spike (selling climax) in the background fallowed by a reversal up-thrust bar (demand overcame supply). Today we saw successful testing of supply in a low-average volume, which is a strong sign for me that professional money is interested in an upward price. Watch for buying opportunities. First take profit level is set at the price of $1,232.80.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,223.25

R2: 1,224.00

R3: 1,225.80

Support levels:

S1: 1,220.00

S2: 1,219.00

S3: 1,217.00

Trading recommendations for today: Watch for buying opportunties on the dips.