FX.co ★ Gold analysis for April 08, 2016

Since our previous analysis, gold has been moving sideywas around the price of $1,235.00 in a high volume. I found a trading range between the prices of $1,238.10 (resistance) and $1,229.40 (support). Watch for a potential breakout of the trading range in a high volume to confirm further movements. I also found a downward channel and the price respects very well this channel. Selling positions are preferable. The first take profit is set at support ($1,229.40).

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,241.00

R2: 1,245.90

R3: 1,252.00

Support levels:

S1: 1,227.60

S2: 1,223.00

S3: 1,216.30

Trading recommendations for today: Watch for a potential breakout of the trading range to confirm further direction. Since i found the downward channel, selling positions are preferable.