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    Gold analysis for July 02, 2015

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    Overview:

    Gold has been trading downwards. As we expected, the price tested the level of $1,159.05 in an average volume. Our support cluster around the price of $1,162.00 was finally broken. Buying looks risky at this stage, because major support at the price of $1,162.00 was broken. We may expect potential testing of the levels of $1,142.00 and $1,131.00 (swing lows). The short-term trend is bearish. Watch for selling opportunities after retracements.

    Daily Fibonacci pivot points:

    Resistance levels

    R1: 1,173.00

    R2: 1,175.00

    R3: 1,178.00

    Support levels:

    S1: 1,167.00

    S2: 1,165.00

    S3: 1,162.50

    Trading recommendations: Be careful when buying gold since our strong support at the price of of $1,162.00 got broken. Watch for selling opportunities after retracements.


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