07.07.201613:56 Forex Analysis & Reviews: Gold analysis for July 07 , 2016

Long-term review

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Since our previous analysis, gold has been trading downwards. The price tested the level of $1,360.00 in an ultra volume (climax). According to the 30M time frame, I found a climatic action and responsive buyers reaction at the price of $1,359.90. Using market profile, I found single prints at the price of $1,139.90. Be very careful when selling Gold and watch for buying opportunities. The point of control for today is set at the price of $1,367.20. The second upward station is set at the price of $1,370.40.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,373.50

R2: 1.377.30

R3: 1,383.35

Support levels:

S1: 1,361.35

S2: 1,357.60

S3: 1,351.50

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

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