Gold analysis for July 27, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,104.83. According to the daily time frame, we can observe an upward bar in a volume above the average (reversal up-thrust). According to the H1 time frame, we can observe fake breakout of our support level at the price of $1,086.00. The price had back to our trading range between the price of $1,086.00 and the price of $1,118.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,100.00

R2: 1,102.00

R3: 1,103.00

Support levels:

S1: 1,095.00

S2: 1,094.70

S3: 1,092.00

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

The material has been provided by InstaForex Company - www.instaforex.com

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