empty
 
 
19.07.2017 09:11 AM
Technical analysis of gold for July 19, 2017

Gold price made new highs yesterday. Short-term trend is bullish. We could see a pullback towards $1,230 but overall I'm expecting a move towards $1,260 at least.

This image is no longer relevant

Blue lines - bearish channel

Gold price is trading above the 4-hour Kumo (cloud). Support is at $1,230. Resistance is at $1,250-60. Gold price could see $1,230 if $1,235 is broken. However the cloud support should stop the fall in any case. I believe an important low at $1,205 is in.

This image is no longer relevant

Red line -wedge pattern

Gold daily chart shows price rising as expected but for now has stopped at the daily kijun-sen (yellow line indicator). $1,243 is daily resistance. Next Gold price should move towards $1,260 once this resistance is broken. Daily support is at $1,225 by the tenkan-sen (red line indicator).

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 $1000 more!
    In April we raffle $1000 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