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11.07.201808:54 Forex Analysis & Reviews: Technical analysis on Gold for July 11, 2018

Long-term review

The Gold price made a deep pullback yesterday below $1,250 but managed to close above it. Gold price could be making an ABCD pattern with $1,272 as the first target and $1,290 as the second target. The Gold price has more upside potential than downside.

Exchange Rates 11.07.2018 analysis

Red lines - targets

Black line - resistance

Blue lines - ABCD pattern

The Gold price has short-term resistance at $1,256 and next at $1,265. Breaking above these levels will confirm and strengthen the bullish scenario for a move at least towards $1,272. On the other hand, if prices break below $1,240 bulls will be in trouble as we should then expect the price to move towards $1,200.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2021
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