Gold analysis for January 06, 2017 - Forex247

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Friday, January 6, 2017

Gold analysis for January 06, 2017

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Recently, gold has been trading upwards. As I expected, the price tested the level of $1,184.75 in a high volume. My upward target at the price of $1,184.70 has been met. According to the 30M time frame and using the market profile, I found yesterday's point of control at the price of $1,173.40. The intraday trend is bullish and my advice is to watch for buying opportunities on the dips. The upward target is set again at the price of $1,184.80.

Resistance levels:

R1: 1,182.70

R2: 1,185.50

R3: 1,190.00

Support levels:

S1: 1,173.65

S2: 1,171.00

S3: 1,166.30

Trading recommendations for today: Watch for potential buying opportunities.

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

From www.instaforex.com http://ift.tt/2iiIzbY

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