Trading plan for Gold for July 31, 2020

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Technical outlook:

Gold has print yet another high today at $1,984.22 levels before pulling back. The yellow metal is trading around $1,973.00 levels at this point in writing and is expected to carve a meaningful top anytime soon. A break below $1,939.36 would confirm that Gold has carved a top and is heading lower. Immediate support is seen towards $1,800, followed by $1,673 and $1,450 respectively. At the moment, Gold is trading clearly into the buy zones of the above support trend lines. Conservative traders would wait until prices drop below the trend line and enter into the sell zone. We remain flat for the moment and wait for the metal to break below $1,939.00 at least to resume selling on rallies.

Trading plan:

Remain flat for now, allow a break below $1,939.00

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com