Gold Analysis for July 01, 2016

Gold Analysis for July 01, 2016

1 July 2016, 15:43
Roberto Jacobs
0
51

Gold Analysis for July 01, 2016


analytics577665934042f.png


Since our previous analysis, gold has been trading upwards. As I expected, the price tested the level of $1,337.91 in a high volume. According to the 30M time frame, I found that demand is in control in the market. Anyway, the today point of control is set at the price of $1,333.90. Watch for breakout of swing high at the price of $1,338.00 to confirm further upward movement. An upward target is set at the price of $1,358.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,328.10

R2: 1.331.40

R3: 1,336.55

Support levels:

S1: 1,317.80

S2: 1,314.65

S3: 1,309.50

Trading recommendations for today: Selling gold looks risky at this stage. So, watch for potential buying opportunities.


The material has been provided by ifx_logo.gif

Share it with friends: