Analysis of Gold for July 25, 2018

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Recently, Gold has been trading upwards. The price tested the level of $1,233.70. Anyway, according to the H1 time – frame, I found a potential end of the upward movement since the price tested the top band of the Keltner channel, which is a sign that buying looks very risky. I also found a bearish engulfing candle pattern, which is another sign that buying looks risky. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,226.50.

Resistance levels:

R1: $1,230.55

R2: $1,235.75

R3: $1,241.95

Support levels:

S1: $1,219.15

S2: $1,212.97

S3: $1,207.75

Trading recommendations for today: watch for potential selling opportunities.

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