Technical analysis of gold for July 31, 2017
July 31, 2017 7:05 amVideo
Latest News
- EUR/JPY challenging 148.91 downside obstacle May 31, 2023
- GBP/USD: upside reversal still possible May 31, 2023
- CHF/JPY: downside reversal announced May 31, 2023
- GBP/USD. Analysis for May 31. Fate favors the dollar! May 31, 2023
- EUR/USD. Analysis for May 31. Inflation in Germany is declining rapidly May 31, 2023
- AUD/USD: downside continuation activated May 31, 2023
- Technical Analysis – Has Nvidia’s rocket rally peaked? May 31, 2023
- GBP/USD: Simple trading tips for beginner traders on May 31st (American Session) May 31, 2023
- EUR/USD: Simple trading tips for beginner traders on May 31st (American session) May 31, 2023
- USD/CHF reaches 0.9115 upside obstacle May 31, 2023
- Technical Analysis – Can the AUDUSD bearish breakout last? May 31, 2023
- US premarket on May 31: US stock market dips from yearly highs May 31, 2023
- Weekly forecast based on simplified wave analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, Ethereum, and US Dollar Index on May 31, 2023
- EUR/USD. The southern marathon is in full swing, but sales remain risky May 31, 2023
- Technical analysis on Dax for May 31st, 2023. May 31, 2023
- Ichimoku cloud indicator analysis on USDJPY for May 31st, 2023. May 31, 2023
- Bitcoin rejected at channel resistance May 31, 2023
- GBP/USD: trading plan for the US session on May 31 (analysis of morning trades). The pound lost all its advantage May 31, 2023
- Ichimoku cloud indicator analysis on Gold for May 31st, 2023. May 31, 2023
- Ichimoku cloud indicator analysis on EURUSD for May 31st, 2023. May 31, 2023
The Gold price continues to make higher highs and higher lows above our minimum target of $1,260. The trend remains bullish. A reversal from current levels is justified. Even a pull back towards $1,240.
Blue line- trend line support
The Gold price is trading above both the tenkan- and kijun-sen indicators. Short-term support by the trend line and the kijun-sen is at $1,257. Resistance is at $1,275-80 next. There is no bearish divergence on the 4-hour chart by the oscillators.
Black line -long-term trend line resistance
Blue line- long-term support trend line
The weekly chart is still trapped inside the triangle formation. Price remains below the black trend line coming from its all time highs. Price is above the weekly Kumo and this is a bullish sign. However, bulls will need to break above the black trend line resistance otherwise they are in danger of another rejection and a pull back towards the blue trend line support.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: