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 5, 2018

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The Gold price has stopped its rise at $1,260 where we find the 4-hour cloud resistance. Price is moving lower along the lower cloud boundary. The Gold price has formed what seems to be a bullish flag and is now trying to break out above it.

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Blue lines – bearish channel

Red lines – bull flag pattern

The Gold price has short-term support at $1,248 and resistance at $1,260. A break above $1,260 will push the price higher towards $1,274 which is the first target. The second target is at $1,290. Gold has broken out of the bearish channel and the chances of a big bounce here are high.

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

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