Analysis of Gold for July 31, 2018

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Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,217.00. According to the H1 time – frame, I found a potential end of the upward correction (abc flat) in the background, which is a sign that sellers are in control. I also found lower lows and lower highs, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,211.00.

Resistance levels:

R1: $1,223.90

R2: $1,226.80

R3: $1,229.70

Support levels:

S1: $1,218.00

S2: $1,215.20

S3: $1,212.30

Trading recommendations for today: watch for potential selling opportunities.

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