Analysis of Gold for July 30, 2018

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Recently, the Gold has been trading sideways at the price of $1,221.25. Anyway, according to the H1 time – frame, I found breakout of upward trendline and successful re-test after the breakout, which is a sign that sellers are in control. I also found a potential end of the upward correction (ABC flat) in the background, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,211.25.

Resistance levels:

R1: $1,222.90

R2: $1,224.00

R3: $1,224.70

Support levels:

S1: $1,221.10

S2: $1,220.40

S3: $1,219.30

Trading recommendations for today: watch for potential selling opportunities.

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