FX.co ★ Gold analysis for June 09 , 2016

Since our previous analysis, gold has been moving upwards.As I had expected, the price tested the level of $1,266.14 in a high volume. According to the 30M time frame, I found changes in the trend dynamic from bullish to bearish. The price went below the 20EMA and I found a supply trend line. Be careful when buying and watch for potential intraday selling opportunities. The take profit level is set at the price of $1,249.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,269.55

R2: 1,274.60

R3: 1,282.90

Support levels:

S1: 1,253.00

S2: 1,247.90

S3: 1,239.60

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