empty
 
 
23.07.2018 08:37 AM
Technical analysis of Gold for July 23, 2018

Gold price has bounced finally from the $1,210 area towards $1,230. Price remains inside the bullish wedge pattern. Gold price remains in a bearish trend, but we have some reversal signs from last week. Bulls need to built on that in order for more upside to come.

This image is no longer relevant

Black line - resistance

Red line - support

Upward sloping red line - bullish divergence

Short-term resistance and wedge pattern resistance is at $1,235. A break above it will be a bullish sign. Breaking the downward sloping wedge will be a bullish sign that could bring Gold price back towards $1,300. A break below $1,215 could push Gold price towards $1,200 or even below it.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback