Gold analysis for July 17, 2016

Source: Forex Analysis

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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.

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