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27.05.201611:56 Forex Analysis & Reviews: Gold analysis for May 27 , 2016

Long-term review

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Since our previous analysis, gold has been trading downwards. As I had expected, the price tested the level of $1,211.46 in an ultra high volume. My take profit level at the price of $1,218.00 from yesterday was met. According to the 30M time frame, I found few up-thrust bars today and rejection from the 50 SMA. Watch for selling opportunities on the pullbacks. The level around the price of $1,218.00 looks like a good area to sell. Take profit levels are set at the price of $,1,211.60 and $1,208.35.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,229.75

R2: 1,232.85

R3: 1,237.85

Support levels:

S1: 1,219.50

S2: 1,216.45

S3: 1,211.60

Trading recommendations for today: Be careful when buying Gold at this stage and watch for selling opportunities on the pullbacks.

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