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16.07.2015 02:37 PM
Gold analysis for July 16, 2015

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Overview:

Gold has been trading downwards. The price tested the level of $1,142.53. According to the daily time frame, we can observe weak bearish bar in a volume below the average. According to the H4 time frame, we can observe a weak price action and lower volatility on the market. Selling still looks risky at this stage because of support at $1,142.00 and $1,141.00. Our strong diagonal (support) trendline got broken but with very weak volume and price action. So, be careful about a fake breakout.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,158.00

R2: 1,165.00

R3: 1,176.00

Support levels:

S1: 1,136.00

S2: 1,129.00

S3: 1,118.00

Trading recommendations: Weak downward movement is on the market. Be careful when selling gold around the price of $1,140.00.

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