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28.04.201615:41 Forex Analysis & Reviews: Gold analysis for April 28 , 2016

Long-term review

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Since our previous analysis, gold has been moving upwards. As I expected, the price tested the level of $1,259.60 in a high volume. The price reached my take profit level at $1,253.00. Anyway, today according to the 15M time frame, I saw a lack of demand around the price of $1,259.00, which is a sign that we may see the potential downward correction. Even if it is still the short-term uptrend, I found resistance cluster and weakness has appeared. So, my advice is to watch for potential selling opportunities. The first take profit level is set at the price of $1,251.30 and the second take profit level is set at the price of $1,246.20.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,248.90

R2: 1,249.75

R3: 1,251.50

Support levels:

S1: 1,246.20

S2: 1,245.40

S3: 1,244.00

Trading recommendations for today: Be careful when buying gold at this stage and watch for potential selling opportunities.

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