InstaForex - Analytics


    736.75 6.25/10
    62% of positive reviews

    Gold technical analysis for July 16, 2015

    Gold price hit another lower low yesterday breaking the short-term triangle pattern and support at $1,150. The price moved as low as $1,143. This is an important support area. It is difficult to break such a long-term support. A breakout will open the way to a push towards $1,000.


    Show full picture

    The downward sloping trendline provides resistance since $1,205. The rice remains below the Ichimoku cloud confirming that the trend is bearish. The upward sloping trendline is the lower boundary of the triangle that was broken yesterday and provided us with a new lower low.


    Show full picture

    The weekly chart is breaking below the long-term trendline support. This is a bearish sign. The red ichimoku indicator tenkan-sen is now with a negative slope. If this week's candle ends lower, this bearish sign will be confirmed. More downside is expected for gold, but bears should also be very cautious and lower their protective stops.

    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