FX.co ★ Gold analysis for February 02, 2017

Recently, gold has been trading upwards. The price tested the level of $1,225.33. According to the 4H time frame, I found a broken resistance zone and broken Fibonacci expansion 61.8%, which is a sign of strength. I placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 100% at the price of $1,232.55 and Fibonacci expansion 161.8% at the price of $1,254.00. Short-term trend is bullish. Watch for buying opportunities on the dips.

Fibonacci pivot points (5H)

Resistance levels:

R1: 1,227.40

R2: 1,229.60

R3: 1,233.20

Support levels:

S1: 1,200.15

S2: 1,217.90

S3: 1,214.30

Trading recommendations for today: watch for potential buying opportunities.