FX.co ★ Gold analysis for July 26 , 2016

Since our previous analysis, gold has been trading sideways at the price of $1,320.00. According to the 30M time frame, I found strength in the background, which is a sign that selling looks risky. There is a successful test bar at $1,319.00 (point of control). The price respected the 21SMA, which is a good sign for further upward price. Upward targets are set at the price of $1,324.25 and $1,329.00 (Fibonacci expansion 161.8%)

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,318.70

R2: 1,319.17

R3: 1,321.35

Support levels:

S1: 1,315.45

S2: 1,314.35

S3: 1,312.75

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