Gold technical analysis for July 8, 2015
July 8, 2015 9:20 amVideo
Latest News
- Technical Analysis – EURUSD takes a breather after sharp tumble April 17, 2024
- Market continues to price in a plethora of rate cuts for 2024 – Special Report April 17, 2024
- EUR/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURGBP maintains bearish bias amid pennant formation April 17, 2024
- EUR/USD. April 17th. Jerome Powell supports the dollar April 17, 2024
- GBP/USD. April 17th. Inflation in Britain is falling, but not as much as the market wants April 17, 2024
- Tesla Q1 Earnings: Poor deliveries point to disappointing results – Stock Markets April 17, 2024
- Video market update for April 17, 2024 April 17, 2024
- Forex forecast 04/17/2024: EUR/USD, GBP/USD, Gold, Bitcoin and Ethereum from Sebastian Seliga April 17, 2024
- Technical Analysis – Gold struggles to jump above 2,400 April 17, 2024
- GBP/USD: trading tips for beginners for European session on April 17 April 17, 2024
- EUR/USD: trading tips for beginners for European session on April 17 April 17, 2024
- Market Comment – Geopolitics and Fedspeak keep stocks under pressure April 17, 2024
- Technical Analysis – USDJPY on the verge of hitting 155.00 milestone April 17, 2024
- Hot forecast for EUR/USD on April 17, 2024 April 17, 2024
- Overview for the GBP/USD pair on April 17th. British inflation could weigh on the pound April 17, 2024
- Technical Analysis – NZDUSD bounces off 5-month low April 17, 2024
- Overview for the EUR/USD pair on April 17th. There is no single reason for the euro to rise April 17, 2024
- Key events on April 17: fundamental analysis for beginners April 17, 2024
- Trading plan for GBP/USD on April 17. Simple tips for beginners April 17, 2024
Gold price remains in a bearish trend and a new rejection at the resistance of $1,175 was seen yesterday, followed by a break of short-term support at $1,160. Gold price is now testing important long-term support at $1,140-30 as expected since it broke below the triangle pattern.
Blue lines – triangle pattern
Red lines – projection of price movement
Gold price has broken below the triangle and the projections of an equal decline show that price could reach $1,000 or even lower. The trend is bearish as the price is making lower lows and lower highs and is below the cloud resistance.
Blue line – long-term trendline support
The weekly chart remains bearish as the price is below the Ichimoku cloud support and has broken below the blue trendline support. Next important support is the 2014 low at $1,130. I believe the new downward move has already started with the gold price target of $1,000. There will be confirmation when we break $1,130.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: