Gold technical analysis for July 2, 2014
July 2, 2014 9:10 amVideo
Latest News
- Euro will return to parity April 12, 2024
- Trading Signals for ETH/USD (Ethereum) for April 12-15, 2024: buy above $3,435 (3/8 Murray – 200 EMA) April 12, 2024
- EUR/USD. Analysis for April 12th. The euro falls down under the pressure of the news background April 12, 2024
- GBP/USD. Analysis for April 12th. A significant event: the pound fell below the 25-figure April 12, 2024
- Trading Signals for EUR/USD for April 12-15, 2024: buy above 1.0620 (-2/8 Murray – rebound) April 12, 2024
- GBP/USD: trading plan for the US session on April 12th (analysis of morning deals). The pound followed the euro April 12, 2024
- EUR/USD: trading plan for the US session on April 12th (analysis of morning deals). The euro continues to fall April 12, 2024
- EUR/USD and GBP/USD: Technical analysis on April 12 April 12, 2024
- EUR/USD: Dovish signals from the ECB and rising PPI April 12, 2024
- EUR/USD. April 12th. ECB meeting: confidence in rate cut increased in June April 12, 2024
- GBP/USD. April 12th. British economy continues to stagnate April 12, 2024
- Analysis and trading tips for EUR/USD on April 12 (US session) April 12, 2024
- Analysis and trading tips for USD/JPY on April 12 (US session) April 12, 2024
- Analysis and trading tips for GBP/USD on April 12 (US session) April 12, 2024
- Weekly Forex Outlook: 12/04/2024 – More inflation data on the way as rate cut bets in disarray April 12, 2024
- Technical Analysis – GBPUSD ticks down to new 5-month low April 12, 2024
- Bitcoin holds above $70,000 as halving event looms – Crypto News April 12, 2024
- Week Ahead – More inflation data on the way as rate cut bets thrown into disarray April 12, 2024
- Bitcoin will thrive during supply crisis April 12, 2024
- Technical Analysis – EURUSD plummets after US CPI and ECB decision April 12, 2024
Gold price is trading above short-term support. This short-term support is at $1,318. Although the short-term trend is neutral, the intermediate-term trend that started at $1,240 remains bullish with increased probability of testing the $1,340-50 area.
Ichimoku cloud supports the short-term trend. Breaking above $1,334 and staying at least for 2 hours above that level will be a bullish signal targeting $1,345-50. If support at $1,318 is broken, we should expect Gold price to move towards $1,310-$1,308 where support is found. Breaking below $1,308 will give us a sell signal with $1,290 as the first target.
Our wave scenario of a sideways triangle still holds and we have yet no sign that wave E is complete. My initial expectation for wave E was for it to end near $1,350. So although the short term is bullish still, my long-term view remains bearish and I look for the right time and price to sell when the expected downward move to new lows starts.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: