FX.co ★ Gold analysis for February 16, 2017

Recently, gold has been trading upwards. As I expected, the price tested the level of $1,235.00. According to the 1H time frame, I found hidden bullish divergence and parabolic bottoming, which is a sign that selling looks risky. My advice is to watch for potential buying opportunities. Targets are set at the price of $1,244.00 and $1,255.30 (Fibonacci expansion 61.8%).

Fibonacci pivot points:

Resistance levels:

R1: 1,239.00

R2: 1,239.30

R3: 1,240.00

Support levels:

S1: 1,237.70

S2: 1,237.20

S3: 1,236.60

Trading recommendations for today: watch for potential buying opportunities.