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    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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