FX.co ★ Gold analysis for February 08, 2017

Recently, gold has been trading upwards. The price tested the level of $1,239.78. According to the 4H time frame, I found successful rejection from lower diagonal of upward channel. The trend is bullish. Based on 1H time frame, I have found broken horizontal base, which is a sign that an upward trend may continue. I projected Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 161.8% at the price of $1,252.00.

Fibonacci pivot points :

Resistance levels :

R1: 1,235.90

R2: 1,237.75

R3: 1,240.65

Support levels:

S1: 1,230.00

S2: 1,228.20

S3: 1,225.30

Trading recommendations for today: watch for potential buying opportunities.