empty
 
 
20.07.2018 09:09 AM
Technical analysis of Gold for July 20, 2018

The Gold price made a new low yesterday, but prices reversed strongly after comments by the President of the U.S. regarding Fed policy, affecting the Dollar and in result Gold prices as well. Technically Gold has made a reversal pattern and the price continues to trade inside a downward sloping wedge pattern.

This image is no longer relevant

Red lines - bullish divergence

Black line - resistance trend line

The Gold price remains in a bearish trend. Bulls need to break the wedge pattern to the upside if they want to change trend to bullish. Resistance is at $1,235-45. A weekly close inside or above this area will be a bullish signal as a weekly bullish hammer would have shaped. Short-term support is at $1.215 and next at $1,200.

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