Gold’s hourly chart shows a rising wedge breakdown – bearish continuation pattern, which signals an end of the corrective rally from the recent low of $1,211 and a resumption of the sell-off. However, the rising wedge breakdown could end up being a bear trap as the daily chart shows a bullish divergence of the relative strength index (RSI) and stochastic. Hourly chart Daily chart Current Price: $1,222 Daily High: $1,225 Daily Low: $1,220 Trend: Bullish Resistance R1: $1,226 (50-hour MA) R2: $1,233 (200-hour MA) R3: $1,235 (July 23 high resistance on hourly chart) Support S1: $1,220 (July 18 low support on hourly chart) S2: $1,215 (July 20 low support on hourly chart) S3: $1,211 (July 19 low) FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next China to adopt more vigorous fiscal policy – Reuters FX Street 5 years Gold's hourly chart shows a rising wedge breakdown - bearish continuation pattern, which signals an end of the corrective rally from the recent low of $1,211 and a resumption of the sell-off. However, the rising wedge breakdown could end up being a bear trap as the daily chart shows a bullish divergence of the relative strength index (RSI) and stochastic. Hourly chart Daily chart Current Price: $1,222 Daily High: $1,225 Daily Low: $1,220 Trend: Bullish Resistance R1: $1,226 (50-hour MA) R2: $1,233 (200-hour MA) R3: $1,235 (July 23 high resistance on hourly chart) Support S1: $1,220 (July 18 low support… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
