FX.co ★ Gold analysis for July 13, 2015

Overview:

Gold has been trading downwards. The price tested the level of $1,151.00. According to the daily time frame, we can observe bullish bar in a volume below the average. According to the H1 time frame, we can observe a weak price action and lower volatility on the market. Selling still looks risky at this stage because of support at $1,146.00. There is a chance that the price will come back into our major trading rage between $1,162.00 and $1,231.00. The short-term trend is neutral.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,163.15

R2: 1,164.00

R3: 1,165.00

Support levels:

S1: 1,160.00

S2: 1,161.00

S3: 1,159.00

Trading recommendations: Indecision market. Be careful when selling around the level of $1,150.00 since we got support level around $1,146.00.