FX.co ★ Gold analysis for July 11, 2016

Since our previous analysis, gold has been trading downwards. The price tested the level of $1,335.21 in an ultra high volume. My take profit level at the price of $1,350.00 has been reached. According to the 30M time frame, I found strong rejection from the level of $1,335.00. Using market profile analysis, I found a higher value area, which means that buyers are still present on the market and that selling looks risky. I found single prints at $1,355.90, which is extacly the same level of yesterday's point of control. Watch for buying opportunities on the dips. The take profit level is set at the price of $1,370.50.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,375.10

R2: 1.377.40

R3: 1,380.60

Support levels:

S1: 1,368.40

S2: 1,366.35

S3: 1,362.50

Trading recommendations for today: Selling gold looks risky, watch for buying opportunities.