GOLD: Trade ideas for July 30
The GOLD is forming a bearish pattern below the 38.2 Fibo level at the H1 chart. During yesterday's session, the GOLD found support at the level of 1296.65, where the 61.8 Fibo level. In the general outlook, we can see that GOLD is making a bearish retracement, although GOLD could continue if it falls a breakout in the 1296.65 level to fall to the support level of 1292.52.
On the other hand, if the GOLD takes a rebound at current levels, it's expected to rise to the resistance level of 1311.83 in the medium term, although you must keep in mind that close to that level is the 500 EMA, which could serve as dynamic resistance on GOLD. The CCI indicator has shown no divergences.
Trading recommendations: Place buy orders in the GOLD at current levels, with take profit at the resistance level of 1311.83, but with a little stop loss at your preference. Alternatively, you can place sell orders if the GOLD does a breakout at the support level of 1296.65, with take profit at 1292.52.