Gold Analysis for July 01, 2016
Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,337.91 in a high volume. According to the 30M time frame, I found that demand is in control in the market. Anyway, the today point of control is set at the price of $1,333.90. Watch for breakout of swing high at the price of $1,338.00 to confirm further upward movement. An upward target is set at the price of $1,358.00.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,328.10
R2: 1.331.40
R3: 1,336.55
Support levels:
S1: 1,317.80
S2: 1,314.65
S3: 1,309.50
Trading recommendations for today: Selling gold looks risky at this stage. So, watch for potential buying opportunities.
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