InstaForex - Analytics

    InstaForex

    736.75 6.25/10
    62% of positive reviews
    Real

    Gold technical analysis for July 7, 2015

    Gold price made another bounce towards $1,175 yesterday, but the price got rejected once again and pulled back below $1,170. The trend remains bearish. Bulls are not strong enough to make a bounce higher than $1,175.

    goldh4.jpg

    Show full picture

    The price reached the breakdown area of the lower triangle boundary and tested it. Hwever, it got rejected again. The price remains below the Ichimoku cloud. The short-term trend remains bearish as long as the price is below the cloud in the 4-hour chart as shown above.

    goldd.jpg

    Show full picture

    The weekly chart remains bearish. The price is below the weekly Ichimoku cloud and below both the tenkan- and kijun-sen indicators. Support is critical at $1,150 and at $1,130. My longer-term target remains at $1,000 if we break $1,130. A bounce should find weekly resistance at $1,200. I would remain bearish.


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree