FX.co ★ EUR/NZD analysis for August 10, 2016

Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,355.06 in an high volume. According to the H1 time frame, I found strong upward pressure and upward trend. There is a successful test of supply in a high volume. Watch for buying opportunities. The first take profit level is set at the price of $1,364.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,339.80

R2: 1,342.40

R3: 1,346.50

Support levels:

S1: 1,331.50

S2: 1,328.90

S3: 1,324.70

Trading recommendations for today: Selling looks very risky. Watch for buying opportunities.