Alpari - Analytics

Alpari

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Daily analytical report (07/12/17)

  • As we suggested yesterday, sell signal on gold is on! The recent support was successfully tested as a new resistance, which helped to push prices to mid-term lows. The sell signal on gold is very strong and we should see a further decline in the price of this precious metal.
  • The weakness of gold is partially down to the strength of the American dollar. The US dollar index broke the 93.5 point resistance, triggering a buy signal. We were also expecting this and mentioned it in yesterday’s video.
  • AUDUSD broke the lower line of the bearish flag, which was formed above the long-term upwards trend line (from the beginning of the 2016). That created strong bearish momentum, allowing us to break the upwards trend line and trigger a sell signal.

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