04.07.201611:30 Forex Analysis & Reviews: Gold analysis for July 04, 2016

Long-term review

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Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,357.30 in a high volume. According to the 30M time frame, I found that demand is in control in the market. The price went into correction and I found successful testing of supply at the price of $1,345.75. There is also successful rejection from our 21 SMA, which is ф good sign that we may see further upward continuation. I have placed Fibonacci expansion to find potential upward targets. I found Fibonacci expansion 61.8% at the price of $1,356.00, Fibonacci expansion 100% at the price of $1,363.75 and Fibonacci expansion 161.8% at the price of $1,376.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,347.30

R2: 1.349.40

R3: 1,352.70

Support levels:

S1: 1,340.65

S2: 1,338.65

S3: 1,335.30

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

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