Technical analysis of Gold for August 1, 2018

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The Gold price remains inside the downward sloping wedge pattern. The price is testing the resistance area at $1,225-26. A sustained break above this area and a continued move higher above $1,235 could be the first sign of a bigger reversal.

Technical analysis of Gold for August 1, 2018

Black lines - wedge pattern
Blue line - RSI resistance
Red line - RSI Support

The Gold price has short-term resistance at $1,225-26. Next and most crucial is at $1,236. Support is at $1,214 and next at $1,200. Break above resistance and we could see $1,300 in the first two weeks of August.