FX.co ★ Technical analysis on Gold for July 9, 2018

Gold prices are climbing above the resistance during the Asian session. Gold prices have the potential to reach $1,272 this week. However, we also have a second target around $1,285.

Blue line - short-term resistance (broken)

Green line- short-term support

Red lines -targets

Gold price is making higher highs and higher lows in the short-term. These are initial signs of a reversal that could be a major low for Gold in the longer term. Support is at $1,251 and resistance is at $1,258-60. The price is above the resistance. We could see a back test today, but any move below $1,256 should worry bulls. A sustained daily close above $1,261 today will be a bullish sign.