InstaForex - Analytics


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    Gold analysis for July 28, 2015


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    Since our last analysis, gold has been trading sideways around the price of $1,092.00. According to the daily time frame, we can observe a bearish bar in a volume above the average. According to the H1 time frame, we can observe a fake breakout of our support level at the price of $1,086.00. The price got back to our trading range between the prices of $1,086.00 and $1,118.00. I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the price of $1,127.00, Fibonacci retracement 50% at the price of $1,141.00 and Fibonacc retracement 61.8% at the price of $1,157.00.

    Daily Fibonacci pivot points:

    Resistance levels

    R1: 1,103.00

    R2: 1,107.00

    R3: 1,113.00

    Support levels:

    S1: 1,090.50

    S2: 1,086.70

    S3: 1,079.45

    Trading recommendations: Be careful when selling gold at this stage since we have a fake breakout in the background.

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