Gold analysis for November 01, 2016
November 1, 2016 10:08 amVideo
Latest News
- Technical Analysis – NZDUSD bounces off 5-month low April 17, 2024
- Overview for the EUR/USD pair on April 17th. There is no single reason for the euro to rise April 17, 2024
- Key events on April 17: fundamental analysis for beginners April 17, 2024
- Trading plan for GBP/USD on April 17. Simple tips for beginners April 17, 2024
- Trading plan for EUR/USD on April 17. Simple tips for beginners April 17, 2024
- Technical Analysis of Intraday Price Movement of USD/JPY Main Currency Pairs, Wednesday April 17, 2024. April 17, 2024
- Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Wednesday April 17, 2024. April 17, 2024
- Forecast for EUR/USD on April 17, 2024 April 17, 2024
- Forecast for GBP/USD on April 17, 2024 April 17, 2024
- Forecast for USD/JPY on April 17, 2024 April 17, 2024
- Outlook for EUR/USD on April 17. A boring Monday seamlessly transitioned into a boring Tuesday April 17, 2024
- Will the euro manage to save itself? April 17, 2024
- Analysis for GBP/USD on April 16th. The pound should not count on support from Powell April 16, 2024
- Analysis for EUR/USD on April 16th. The southern trend has been put on pause for correction April 16, 2024
- USD/JPY: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- Trading Signals for GBP/USD for April 16-18, 2024: buy above 1.2405 or 1.2450 (21 SMA – 0/8 Murray) April 16, 2024
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- AUD/USD: Australian dollar remains under pressure April 16, 2024
- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
Since our previous analysis, gold has been trading upwards. The price tested the level of $1,283.16 in a high volume. According to the 15M time frame and using the market profile analysis, I found intraday initiative buyers, which is sign that buyers are in control. The price is trading above the yesterday’s value area and the point of control. My advice is to watch for buying opportunities on the dips. I placed Fibonacci expansion to find potential upward targets. First upward target is set at the price of $1,289.00 and the second target is set at the price of $1,300.00.
Fibonacci pivot points:
Resistance levels:
R1: 1,275.10
R2: 1,276.15
R3: 1,277.85
Support levels:
S1: 1,271.70
S2: 1,270.70
S3: 1,269.10
Trading recommendations for today: Strength on the Gold is expected today. Watch for buying opportunities on the dips.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: