Analysis of Gold for July 27, 2018

analytics5b5af8cf2df80.png

Recently, Gold has been trading downwards. The price tested the level of $1.218. According to the H1 time – frame, I found ф breakout of the bearish flag pattern and the major upward trendline in the background, which is a sign that buying looks risky and that sellers are in control. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,211.22.

Resistance levels:

R1: $1,321.85

R2: $1.240.30

R3: $1,245.35

Support levels:

S1: $1,218.35

S2: $1,213.30

S3: $1,204.85

Trading recommendations for today: watch for potential selling opportunities.

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