19.07.201809:06 Forex Analysis & Reviews: Technical analysis of Gold for July 19, 2018

Long-term review

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The Gold price remains in a bearish trend in 2018 lows. Gold price continues to make lower lows and lower highs. Change in trend to bullish will change only on a break above $1,245. A weekly close above this level will also be a very bullish signal.

Red downward sloping line - support trend line

Blue lines - higher RSI lows bullish divergence

We have been noticing higher lows in the 4-hour RSI since $1,240-45 area. The new low at $1,220 was accompanied by another higher low. The end of the decline is very close for Gold. Short-term resistance is at $1,235 and next and most important is at $1,240-45.

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