FX.co ★ Gold analysis for July 28, 2016

Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,342.00 in a high volume. The price reached second target at the level of $1,334.70. According to the 4H time frame, there is a still strong upward pressure on the market. Price is heading to test third target point Fibonacci expansion 161.8% at the price of $1,348.90. Be careful when selling and watch for buying opportunities on the dips.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,349.60

R2: 1,350.65

R3: 1,352.30

Support levels:

S1: 1,346.25

S2: 1,345.20

S3: 1,343.50

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