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Gold analysis for April 12 , 2016

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Since our previous analysis, gold has been moving upwards. As I expected, the price tested the level of $1,262.45 in a high volume. The yesterday’s analysis is still valid. I found a broken downward channel according to the H4 time frame, which is a sign that selling gold at this stage looks risky. Watch for potential buying opportunities on dips. The take profit level is set at the price of $1,278.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,262.00

R2: 1,267.00

R3: 1,274.00

Support levels:

S1: 1,246.00

S2: 1,242.00

S3: 1,234.00

Trading recommendations for today: Watch for potential buying opportunities on dips.

The material has been provided by InstaForex Company – www.instaforex.com

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Gold analysis for April 12 , 2016 Reviewed by on . Since our previous analysis, gold has been moving upwards. As I expected, the price tested the level of $1,262.45 in a high volume. The yesterday's analysis is Since our previous analysis, gold has been moving upwards. As I expected, the price tested the level of $1,262.45 in a high volume. The yesterday's analysis is Rating:
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