FX.co ★ Gold analysis for July 06, 2016

Since our previous analysis, gold has been trading upwards. As I expcted, the price tested the level of $1,374.25 in an high volume. According to the 30M time frame, I found strong upward trend and successful testing of supply in a low volume at the price of $1,364.00. I have placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 100% at the price of $1,380.00 and Fibonacci expansion 161.8% at the price of $1,389.90.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,367.70

R2: 1.374.00

R3: 1,384.40

Support levels:

S1: 1,346.90

S2: 1,340.45

S3: 1,330.00

Trading recommendations for today: Selling gold looks risky at this stage. So, watch for potential buying opportunities.