Technical analysis of Gold for July 18, 2016

Gold price remains in a bearish short-term trend but also inside the upward sloping channel since $1,300. Gold price is approaching the medium-term support at $1,320-$1,300. Gold could bounce this week towards $1,350 and as long as it trades above $1,300 here is still hope for a new higher high near $1,400.

Blue lines -bullish channel

Gold price is below the Ichimoku cloud (Kumo) and it is testing the lower channel boundary. Support is at $1,320 (channel) and at $1,310 (38% Fibonacci retracement). The short-term resistance is at $1,340 and next at $1,360.

Gold price is showing weekly reversal signals targeting the first weekly tenkan-sen (red line indicator) at $1,280 with most probable pullback targeting the weekly Kumo around $1,180. However, we should keep in mind that the upside might still not be over as long as price is above $1,300.The material has been provided by InstaForex Company - www.instaforex.com