FX.co ★ Gold analysis for July 13 , 2016

Since our previous analysis, gold has been trading downwards. The price tested the level of $1,327.40 in a high volume. According to the 30M time frame, I found a change in the trend dynamic from bearish to bullish. I found a fake breakout of the swing low in the background and a successful testing of supply in the average volume at the price of $1,336.00. Watch for buying opportunities. The first take profit level is set at the price of $1,354.00 (yesterday's point of control).

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,350.00

R2: 1.356.00

R3: 1,366.00

Support levels:

S1: 1,330.45

S2: 1,324.50

S3: 1,314.50

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