InstaForex - Analytics

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    Gold analysis for July 15, 2015

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    Overview:

    Gold has been trading sideways around the price of $1,154.00. We are facing again very low volatility and weak price action. 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 $1,146.00. There is a chance that the price will come back into our major trading range between $1,162.00 and $1,231.00. The short-term trend is neutral. Also, I found strong diagonal (support) trendline which is holding so far.

    Daily Fibonacci pivot points:

    Resistance levels

    R1: 1,165.00

    R2: 1,171.00

    R3: 1,181.00

    Support levels:

    S1: 1,146.00

    S2: 1,140.00

    S3: 1,130.00

    Trading recommendations: Indecision market. Be careful when selling around the level of $1,150.00 since we got support level around $1,146.00.


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