FX.co ★ Gold analysis for May 30, 2016

Since our previous analysis, gold has been trading sideways at the price of $1,207.00. According to the 30M time frame, I found that supply in a high volume has entered the market. Simple moving average 50 held successful. Be careful when buying and watch for selling opportunities on pullbacks. Take profit level is set at the price of $1,200.20.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,220.90

R2: 1,224.85

R3: 1,231.30

Support levels:

S1: 1,208.00

S2: 1,204.00

S3: 1,197.70

Trading recommendations for today: Be careful when buying Gold at this stage and watch for selling opportunities on pullbacks.