Since our previous analysis, gold has been moving upwards. The price tested the level of $1,242.06 in a high volume. Anyway, the price rejected strongly from the level of $1,242.06. I found the broken upward diagonal. The breakout happened in a high volume and amid healthy price action, which is a good sign for further downward movement. The trend is downward and my advice is to watch only for selling opportunities. I found the supply trend line, which is holding well today. According to the 15M time frame, I found that weakness appeared since we got weak closing to the up bars in a high volume. There is also a cluster, which now is acting like strong resistance. The first downward take profit level is set at the price of $1,232.30 and the second is set at the price of $1,227.40.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,240.95
R2: 1,243.15
R3: 1,246.70
Support levels:
S1: 1,233.85
S2: 1,231.65
S3: 1,228.00
Trading recommendations for today: be careful when buying and watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
The post Gold analysis for April 26 , 2016 appeared first on forex-analytics.press.