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31.07.201812:43 Forex Analysis & Reviews: Analysis of Gold for July 31, 2018

Long-term review

Exchange Rates 31.07.2018 analysis

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

Petar Jacimovic,
Analytical expert of InstaForex
© 2007-2021
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