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Trading recommendation:

Gold tried to sustain the break above the 20day high at $1.440 but I saw the rejection, which is the sign that Gold may back into the previous well defined trading range and also test support levels at $1.415-$1.401.

Exchange Rates 19.07.2019 analysis

Blue horizontal line – 20day high Resistance $1.440

Red rectangle- Support 1 ($1.415)

Red rectangle – Support 2 ($1.401)

Fake breakout of the 20day high at $1.440 in combination with the bearish divergence and overbought condition on the Stochastic oscillator are very good indications of the potential downside. Also, Gold did test the upper Bollinger band and found sellers, which adds more weakness in the futures on the Gold. My advice is to watch for selling opportunities and potential testing of $1.415 and $1.401.

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

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2019
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