InstaForex - Analytics

    InstaForex

    736.75 6.25/10
    62% of positive reviews
    Real

    Gold technical analysis for July 9, 2015

    Gold price is testing the long-term trend-line support in the area of t $1,140-50. Yesterday, buyers stepped in and produced a bounce above $1,160. The short-term trend remains bearish despite a small bounce. The long-term trend also remains bearish and I believe that if we break $1,130, we will reach $1,000.

    goldh4.jpg

    Show full picture

    Blue lines - triangle pattern

    Gold price broke below the triangle and gave a new sell signal. The price is below the Ichimoku cloud implying that the trend remains bearish. It is making a short-term bounce towards cloud resistance. Short-term support is seen at $1,155.

    goldd.jpg

    Show full picture

    Blue line-long-term support trend line

    Weekly chart remains bearish. Weekly candle is still bearish as we made lower lows. The price remains above the long-term trend-line support. It also remains below the ichimoku indicators (red and yellow lines). My longer-term expectations are bearish. Confirmation of weekly sell signal is expected if the price closes below $1,130.


    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