InstaForex - Analytics

    InstaForex

    700.25 6.25/10
    62% of positive reviews
    Real

    Gold technical analysis for July 22, 2015

    Gold price remains in a bearish trend and is now giving new short-term sell signals as the upward bounce is corrective and not strong enough to move past the 38% retracement. More downside movememts are therefore expected with main targets around $1,040-$980.

    goldh4.jpg

    Show full picture

    Blue line - trendline resistance

    Gold price remains below the blue trendline resistance and below the Ichimoku cloud. The price bounced towards the 38% retracement level after the big downward spike early on Monday. However, bulls are not strong enough to push the price higher, sellers dominate and are now pushing the price back to the Monday lows. The breakdown level of $1,130 is very important resistance now and a critical level for the medium-term trend.

    goldd.jpg

    Show full picture

    Blue line - long-term support

    Red lines - equal size decline projection

    The weekly trendline support is broken. Tenkan-sen and kijun-sen indicators are negatively sloped. The price is below the Ichimoku cloud. An equal decline relative to the one from January 2015 could push the price below $1,000. I remain bearish targeting $1,040 and $980. The trend will change on a weekly close above $1,140.


    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