InstaForex - Analytics

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    Gold analysis for July 17, 2016

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    Since our previous analysis, gold has been moving downwards. The price tested the level of $1,276.46 in a high volume. The trend is bullish. According to the 30M time frame, I found rounding bottom (saucer pattern) and also there is flat horizontal base. I found that the high volume value area from yesterday is at the price of $1,308.00. The level of $1,308.00 is the target profit for today.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,307.50

    R2: 1.316.00

    R3: 1,329.00

    Support levels:

    S1: 1,280.00

    S2: 1,271.60

    S3: 1,257.90

    Trading recommendations for today: Be careful when selling and watch for buying opportunities.


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