FX.co ★ Gold analysis for June 03 , 2016

Since our previous analysis, gold has been sideways at the price of $1,211.00. According to the daily time frame, I found a reversal candle pattern, the Morning Star formation. Notice the volume on the bearish bar. It is very low, and this is a sign that sellers lost power and that reversal is possible. Stochastic oscillator is showing an oversold level, which confirms the strength. Anyway, according to the 30M time frame, I found trading range between the price of $1,206.30(support) and the price of $1,217.50 (resistance). Watch for buying opportunities on dips with the first target at the price of $1,217.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,215.10

R2: 1,217.00

R3: 1,220.00

Support levels:

S1: 1,209.00

S2: 1,207.10

S3: 1,204.00

Trading recommendations for today: Be careful when selling gold and watch for buying opportunities.