logo

FX.co ★ Analysis of Gold for July 13, 2018

Analysis of Gold for July 13, 2018

Analysis of Gold for July 13, 2018

Recently, Gold has been trading downwards. The price tested the level of $1,238.00. According to the H1 time - frame, I found a breakout of the bearish flag in the background, which is a sign of weakness. Gold is in the downward trend and my advice is to watch for potential selling opportunities. I placed Fibonacci expansion to find potential downward targets. I found FE 100% at the price of $1,233.00 and FE 161.8% at the price of $1,223.55.

Resistance levels: R1: $1,249.45R2: $1,252.50R3: $1,256.75

Support levels: S1: $1,242.20S2: $1,238.20S3: $1,234.85

Trading recommendations for today: watch for potential selling opportunities.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account