FX.co ★ Gold analysis for June 06, 2016

Since our previous analysis, gold has been moving upwards. The price tested the level of $1,248.54 in a high volume. According to the 5M time frame, I found upward pressure and successful testing of supply in a low volume. Watch for buying opportunities on dips. The trend is upward. Intraday take profit level is set at the price of $1,248.40. The second upward target is set at the price of $1,257.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,251.10

R2: 1,252.50

R3: 1,254.90

Support levels:

S1: 1,246.30

S2: 1,244.80

S3: 1,242.40

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