Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

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Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

Blog Post

Technical analysis on Gold for July 10, 2018

July 11, 2018 Analytics

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Gold price pulled back yesterday and closed below $1,260. This is not a bullish sign but at least for bulls price is still above $1,250 which is the critical short-term support level. Gold bulls want to see more higher highs and higher lows for the precious metal and a break above $1,265 for the big test of the resistance and first target of $1,272.

analytics5b4460b968c0d.png

Black line – support

Blue line – resistance

Red line – first target

Gold price has pushed back below the break out area of $1,260. This could be a false break out. Bulls need to retake this level soon otherwise we could see a push to new lows towards $1,220 over the coming weeks. A weekly close above $1,265 would be a great sign for bulls. On the other hand bears want to see $1,250 broken.

The material has been provided by InstaForex Company – www.instaforex.com

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