Analysis of Gold for July 26, 2018

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Recently, the Gold has been trading downwards. The price tested the level of $1,226.53. According to the M30 time frame, I found a successful breakout of the support at the price of $1,227.00. I also found a confirmed hidden bearish divergence on the LBR oscillator, which is a sign of weakness. My advice is to watch for a potential breakout of support trendline to confirm further downward continuation. The downward targets are set at the price of $1,222.93 and at the price of $1,218.22.

Resistance levels:

R1: $1,237.15

R2: $1,241.27

R3: $1,248.25

Support levels:

S1: $1,226.04

S2: $1,219.07

S3: $1,214.95

Trading recommendations for today: watch for potential selling opportunities.

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