InstaForex - Analytics

    InstaForex

    696.00 6.50/10
    61% of positive reviews
    Real

    Technical analysis of Gold for July 4, 2016

    Gold price continues to move higher towards our $1,400 target as we suggested from last week. Bulls should raise their stops to $1.328 at least if not $1,333. I remain bullish Gold.

    analytics577a0bebb50af.jpg

    Show full picture

    Gold price has reached the post-Brexit highs as we expected and I believe it can continue higher towards $1,400 over this week. Trend is bullish as price is making higher highs and higher lows while price stays above both the tenkan- and kijun-sen indicators. Support is at $1,340 and resistance at $1,360.

    analytics577a0c57a9bae.jpg

    Show full picture

    Red lines - widening triangle

    Resistance at $1,360-70 could prove strong if this widening triangle scenario plays out. Either way bulls should be cautious as a pull back is justified. Taking profits is not a bad idea but this rally can extend even above $1,400. Trend is clearly bullish and we remain bullish as I believe the long-term trend has reversed.



    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