FX.co ★ Gold analysis for April 06 , 2016

Since our previous analysis, Gold has been moving downwards. The price tested the level of $1,223.87. Since the accumulation phase in the background took the place, I am still expecting the higher price on the gold. I found strong support around the price of $1,224.00. I found the previous resistance level, which became support. Watch for buying opportunities on the dips. Take profit level is set near the price of $1,236.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,237.40

R2: 1,242.00

R3: 1,250.90

Support levels:

S1: 1,220.60

S2: 1,215.50

S3: 1,207.00

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