FX.co ★ Gold : analysis for July 24, 2015

Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,077.13. According to the daily time frame, we can observe a downward bar in a volume above the average. According to the H1 time frame, we can supply in a volume above the average. Sellers are in control on the market, so watch for potential selling opportunities. Since the price has broken support at $1,132.00, we may expect potential testing of the level of $1,035.00 (monthly support).

Daily Fibonacci pivot points:

Resistance levels

R1: 1,096.00

R2: 1,099.00

R3: 1,102.00

Support levels:

S1: 1,089.00

S2: 1,085.70

S3: 1,082.00

Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities.