Analysis of Gold for September 06, 2018
Recently, Gold has been trading upwards. As I expected, the price tested the level of $1,206.20. According to the H1 time – frame, I found that price rejected from the strong support Fibonacci confluence level at $1,194.50, which is a sign of further strength. I also found a broken downward channel in the background, which indicates that potential downward correction is over. To find upward targets I have placed Fibonacci expansion tool. I have found take profit levels at $1,213.10, $1,221.70 and at the price of $1,242.00.
Trading recommendations for today: watch for buying opportunities.