FX.co ★ Analysis of Gold for July 16, 2018

Recently, Gold has been trading sideways at the price of $1,243.30. According to the H1 time - frame, I found a breakout of the bearish flag in the background, which is a sign that sellers are in control. Anyway, most recently there is an intraday upward channel in creation. My advice is to watch for a potential breakout of the channel to confirm a downward movement. The downward targets are set at the price of $1,239.00 and at the price of $1,236.15.

Resistance levels: R1: $1,242.00R2: $1,243.00R3: $1,243.50

Support levels: S1: $1,240.45S2: $1,239.90S3: $1,239.00

Trading recommendations for today: watch for potential selling opportunities.