FX.co ★ Gold analysis for April 11, 2016

Since our previous analysis, gold has been moving upwards. The price tested the level of $1,252.30 in a high volume. I found a broken downward channel according to the H4 time frame, which is a sign that selling gold at this stage looks risky. Watch for potential buying opportunities on dips. The take profit level is set at the price of $1,278.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,249.00

R2: 1,251.20

R3: 1,255.00

Support levels:

S1: 1,241.70

S2: 1,239.00

S3: 1,235.40

Trading recommendations for today: Watch for potential buying opportunities on dips.