FX.co ★ Gold analysis for July 29 , 2016

Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,345.39 in a high volume. According to the 4H time frame, I have found solid support at the price of $1,333.00. I found sign of strength from the support level, which is an indicator that selling looks risky. Watch for buying opportunities. Take profit level is set at the price of $1,348.90.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,341.00

R2: 1,344.35

R3: 1,349.80

Support levels:

S1: 1,330.15

S2: 1,326.80

S3: 1,321.40

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