FX.co ★ Gold analysis for July 22, 2016

Since our previous analysis, gold has been trading upwards. As I expected, the tested level of $1,333.70 is in a low volume. My upward target at $1,332.00 has been reached. Anyway, the price went into bearish correction from the $1,333.70 level. I placed Fibonacci retracement to find the potetential end of downward correction and I got Fibonacci retracement 50% at the price of $1,322.00 and found support cluster at the price of $1,321.60. Watch for buying opportunities. Take profit level is set at the price of $1,333.70.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,330.60

R2: 1,334.60

R3: 1,341.00

Support levels:

S1: 1,317.90

S2: 1,313.95

S3: 1,307.60

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