Gold Analysis for June 30, 2016
Since our previous analysis, gold has been trading sideways at the price of $1,318.50. According to the 30M time frame, I found the key point of control from the massive bullish day in the background is set at the price of $1,317.50. Today, I found buying tails from the bottom at the price of $1,313.20. Watch for buying opportunities on the dips. The first take profit level is set at the price of $1,327.30. The major take profit level is set at the price of $1,358.00 (major swing high)
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,325.30
R2: 1.329.00
R3: 1,335.50
Support levels:
S1: 1,313.00
S2: 1,309.50
S3: 1,303.50
Trading recommendations for today: Selling gold looks risky at this stage. So, watch for potential buying opportunities.
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