Gold Technical Analysis for July 21, 2016.
July 21, 2016 3:18 amVideo
Latest News
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
- GBP/USD. April 16th. British statistics didn’t capture traders’ attention April 16, 2024
- Technical Analysis – EURCHF ticks up after strong losses April 16, 2024
- Technical Analysis – JP 225 index tests crucial support zone April 16, 2024
- Market Comment – Stocks slide, dollar soars as rate cut bets take another hit April 16, 2024
- Forex forecast 04/16/2024: EUR/USD, USDX, Gold and SP500 from Sebastian Seliga April 16, 2024
- GBP/USD: trading tips for beginners for European session on April 16 April 16, 2024
- EUR/USD: trading tips for beginners for European session on April 16 April 16, 2024
- What’s next for markets amid Israel-Iran tensions? – Special Report April 16, 2024
- Technical Analysis – GBPUSD pulls back into the negative zone April 16, 2024
- Geopolitical developments and stronger US data push volatility to new highs across the board – Volatility Watch April 16, 2024
- Technical Analysis – AUDUSD breaks the lower bound of a sideways range April 16, 2024
- Video market update for April 16, 2024 April 16, 2024
- Hot forecast for EUR/USD on April 16, 2024 April 16, 2024
- Technical Analysis – EURUSD dives further near 1.0600 April 16, 2024
- XM 2024 Ramadan Promotion Winners April 16, 2024
- EUR/USD and GBP/USD: Technical analysis on April 16 April 16, 2024
- Key events on April 16: fundamental analysis for beginners April 16, 2024
- Overview of the GBP/USD pair. April 16th. The pound may rebound, but the flat is over, and there are no reasons for growth April 16, 2024
Technical outlook and chart setups:
Gold is seen to be trading around
$1,314.00/15.00 levels at this moment, looking to form a meaningful bottom
soon. The metal has made overnight lows at $1,310.00 levels as expected and
discussed yesterday. It is possible that the metal might have already completed
5 waves down from $1,375.00 levels producing an impulse. Please note that the downside remains limited from here and bears might just want to take out $1,305.00
before pulling back sharply. It is hence recommended to book profits on short
positions taken earlier and prepare to initiate long positions to take
advantage of a potential countertrend rally. Immediate support is seen at
$1,305.00 levels, while resistance is at $1,340.00 levels respectively. The
metal should be looking to rally, going forward.
Trading recommendations:
Book profits on short positions
taken earlier. Prepare to go long around $1,305.00 levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: