InstaForex - Analytics


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    Gold: analysis for July 29, 2015


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    Since our last analysis, gold has been trading sideways around the level of $1,096.00. According to the daily time frame, we can observe weak price action and small real body. According to the H1 time frame, a fake breakout of our support level at $1,086.00 is taking place in the background. The price got back into our trading range between the levels 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 level of $1,127.00, Fibonacci retracement at 50% at the price of $1,141.00, and Fibonacci retracement 61.8% at the level of $1,157.00.

    Daily Fibonacci pivot points:

    Resistance levels

    R1: 1,098.00

    R2: 1,100.00

    R3: 1,103.00

    Support levels:

    S1: 1,092.50

    S2: 1,090.70

    S3: 1,087.50

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

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