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    Gold analysis for June 22 , 2016

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    Since our previous analysis, gold has been trading downward. As I expected, the price tested the level of $1,261.08 in a high volume. The analysis from yesterday is still active and it is a good progress so far. I found a massive sell-off in a heavy volume in the background, which is a sign that buying looks very risky and that selling opportunities are preferable. According to the 4H time frame, there is testing of Fibonacci expansion 100% at the price of $1,262.00. If the price breaks the level of $1,262.00 in a high volume, we may see further downward continuation and potential testing of $1,240.00.

    Daily Fibonacci pivot points:

    Resistance levels:

    R1: 1,287.90

    R2: 1.294.50

    R3: 1,304.90

    Support levels:

    S1: 1,266.80

    S2: 1,260.30

    S3: 1,249.70

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


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