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Gold analysis for July 20 , 2016

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Since our previous analysis, gold has been trading downwards. The tested level of $1,316.89 in a high volume. According to the 30M time frame, I found a broken trading range, which is a sign that we may see downward pressure. Watch for selling opportunities on the pullbacks. Critical support today will be at the price of $1,312.20. If the price can’t break the level of $1,312.20 in a high volume, we may see rejection. Anyway, if the price breaks the level of $1,312.20, there is chance for larger downward movement.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,332.97

R2: 1.334.60

R3: 1,337.20

Support levels:

S1: 1,327.80

S2: 1,326.20

S3: 1,323.60

Trading recommendations for today: Buying looks risky, watch for selling opportunities.

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

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Gold analysis for July 20 , 2016 Reviewed by on . Since our previous analysis, gold has been trading downwards. The tested level of $1,316.89 in a high volume. According to the 30M time frame, I found a broken Since our previous analysis, gold has been trading downwards. The tested level of $1,316.89 in a high volume. According to the 30M time frame, I found a broken Rating:
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