FX.co ★ Gold analysis for July 28, 2015

Overview:

Since our last analysis, gold has been trading sideways around the price of $1,092.00. According to the daily time frame, we can observe a bearish bar in a volume above the average. According to the H1 time frame, we can observe a fake breakout of our support level at the price of $1,086.00. The price got back to our trading range between the prices of $1,086.00 and $1,118.00. I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the price of $1,127.00, Fibonacci retracement 50% at the price of $1,141.00 and Fibonacc retracement 61.8% at the price of $1,157.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,103.00

R2: 1,107.00

R3: 1,113.00

Support levels:

S1: 1,090.50

S2: 1,086.70

S3: 1,079.45

Trading recommendations: Be careful when selling gold at this stage since we have a fake breakout in the background.