FX.co ★ Gold analysis for July 15, 2016

Since our previous analysis, gold has been trading downwards. The price tested the level of $1,336.58 in a high volume. According to the 30M time frame, I found that sellers lost their power and that we may see a change in trend dynamic. Today I found that support at the price of $1,327.50-$1,330.00 held successfully. The price rejected few times from support, which is a sign that buyers took control over buyers today. Be careful when selling and watch for buying opportunities. I placed Fibonacci expansion to find potential upward targets and got the Fibonacci expansion 100% at the price of $1,342.00 and Fibonacci expansion 161.8% at the price of $1,351.95.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,338.90

R2: 1.343.35

R3: 1,350.50

Support levels:

S1: 1,324.40

S2: 1,320.80

S3: 1,313.10

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