For Traders

Analytical Reviews

Technical analysis

27.07.201808:43 Forex Analysis & Reviews: Technical analysis of Gold for July 27, 2018

Long-term review

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.

The Gold price remains trapped inside the wedge pattern. The price got rejected at the $1,230-35 resistance area and is now challenging short-term support at $1,220-17 area. A break below this area will open the way for a push lower towards $1,200-$1,180. A break above $1,235 will open the way for a move towards $1,245-50.

Black lines - downward sloping wedge pattern

Blue line - RSI resistance

Red line - bullish divergence RSI Support

The Gold price could make a new low towards $1,207 where the lower wedge pattern boundary is found. The $1,200-$1,205 area is the next important support. So far trend remains bearish as we see price making lower lows and lower highs. Only a break above $1,235 will change this. The bullish divergence justifies that it is time for a strong bounce but does not guarantee it. We need to break the blue RSI resistance and the $1,235 level first.

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.