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FX.co ★ Technical analysis on Gold for June 18, 2018

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Forex Analysis:::2018-06-18T06:47:47

Technical analysis on Gold for June 18, 2018

Gold price has broken through our support levels and reached our lower target in the $1,275-80 area. Last week, we were worried that a break below $1,290 would lead to a test of $1,280 and probably give a new lower low. I was bullish and still remain bullish for the longer term, but the market showed us a decline, so we should protect our longs.

Technical analysis on Gold for June 18, 2018

Red line - triangle

Blue line - support

Yellow line - bullish divergence

Gold price in the short-term support is at $1,278 and next at $1,262. The RSI is diverging while the price is marginally below the 61.8% Fibonacci retracement. Last week, once the triangle pattern broke out and Gold got rejected once again at the $1,307-$1,310 area, things were not looking good for Gold. Inability to break the resistance was followed by a rejection and new lower lows. Gold has resistance at $1,295. Only a move above this level could increase the chance of a major low. Longer-term view remains bullish for a move towards $1,400-$1,450.

Analyst InstaForex
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