17.07.201915:41 Forex Analysis & Reviews: Technical analysis of Gold for July 17, 2019

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Gold price is bouncing higher. Price remains trapped inside the trading range and below important resistance levels. The price action over the next few sessions will be critical for the medium-term trend.

Red rectangle - support

Black line - downward sloping trend line resistance

Yellow rectangles - resistance levels

Gold price has resistance at $1,415-20 and at $1,430-40. Support is found at $1,385. Current price action and structure suggest to me that the chances of a break down are equal to that of a break above resistance. However a break above the short-term resistance at $1,415 will make me favor the bullish side and I will have increased chances of a break out above the trading range we are in since end of June. As we said before, a break above $1,440 will open the way for a move towards $1,500-$1,525. A failure to hold above $1,385 support will open the way for a move towards $1,300-$1,350.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.