FX.co ★ Gold analysis for June 13, 2016

Since our previous analysis, gold has been moving upwards. As I expected, the price tested the level of $1,286.37 in a high volume. The trend is upward. According to the 30M time frame, I found a successful testing of supply in a low volume at the price of $1,279.30. Watch for buying opportunities on dips. The price successfully tested 20EMA and I am expecting further upward continuation. The take profit level is set at the price of $1,302.30.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,281.05

R2: 1,282.25

R3: 1,284.10

Support levels:

S1: 1,277.25

S2: 1,276.00

S3: 1,274.10

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