Technical analysis of Gold for August 06, 2015
August 6, 2015 10:20 amVideo
Latest News
- Trading Signals for EUR/USD for May 3-5, 2024: sell below 1.0803 (overbought – 5/8 Murray) May 3, 2024
- Trading Signals for GOLD for May 3-5, 2024: sell below $2,320 or below $2,300 (21 SMA – 200 EMA) May 3, 2024
- Technical Analysis – GBPUSD advances above descending trendline May 3, 2024
- USD experiences day X May 3, 2024
- Bitcoin licks wounds as Fed comes on the rescue – Crypto News May 3, 2024
- GBP/USD: trading plan for the US session on May 3rd (analysis of morning deals). The pound is preparing to get out of the May 3, 2024
- EUR and GBP may drop May 3, 2024
- EUR/USD: trading plan for the US session on May 3rd (analysis of morning deals). US data will be the key moment of the week May 3, 2024
- USD/JPY: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- GBP/USD: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- Video market update for May 03, 2024 May 3, 2024
- EUR/USD: Simple trading tips for novice traders on May 3rd (US session) May 3, 2024
- Could the BoE adopt a more dovish stance on Thursday? – Preview May 3, 2024
- EUR/USD. May 3rd. Bulls don’t give up without a fight May 3, 2024
- GBP/USD. May 3rd. Bears are counting on a strong US labor market May 3, 2024
- Market Comment – Stocks enjoy Fed-induced bounce as dollar slips ahead of NFP May 3, 2024
- Weekly Forex Outlook: 03/05/2024 – BoE and RBA decisions headline a calm week May 3, 2024
- Week Ahead – BoE and RBA decisions headline a calm week May 3, 2024
- USD/JPY: trading tips for beginners for European session on May 3 May 3, 2024
- GBP/USD: trading tips for beginners for European session on May 3 May 3, 2024
The metal has closed below 1085.00 that we have been waiting for 12 days. Traders are waiting for Friday’s jobs data.
Ahead of US jobs data, the US dollar back on limelight. Traders do expect wild moves during a day and tomorrow.
Atlanta Fed President Dennis P. Lockhart said that the FOMC was nearly ready to raise the interest rates.
The metal has been moving sideways for 13 sessions, this Friday might be the game-change day in the context of non-farm employment changes.
Technical view:
The yellow metal was trading at $1,084.70 during today’s Asian session, compared to Monday’s closing price of $1,084.60. In the weekly chart, the metal managed to hold the channel support trendline at $1,085.00 on a closing basis, but fell below on a daily basis. The metal has been reaching lower highs and lower lows breaking below the large bearish head & shoulder pattern.
The weekly support is found at $1,085.00, $1,077.00, and $1,073.00. A weekly close below $1,085.00 opens gates to $1,068.00 initially and towards $1,045.00 and $1,005.00 later. In the monthly chart, strong support zone is seen between $1,045.00 and $1,032.00. The metal fell below the 14-year ascending trendline in the monthly chart. It managed to close above $1,085.00 on a daily closing basis for eleven consecutive days.
The metal has been moving towards higher low and lower highs in the H1 chart for 4 days. The support zone is found at $1,080.70 and $1,079.70.
Intraday: Intraday support is found at $1,082.00, $1,080.00, and $1,077.00. Resistance is seen at $1,087.00, $1,090.00, and $1,093.00. We can observe bearish h&s pattern in the hourly chart. The neck line is found between $1,079.70 and $1,080.70.
The metal has been reaching lower lows in the four-hour chart. The metal made a triple top at $1,105.00 rounded and higher low formed at $1,079.70.
Panic likely to be triggered below $1,077.00. We guess the metal is likely to fall towards $1,072.00 today in case $1,077.00 is taken out. Use a rise to sell.
Buying is available above $1,095.00 with targets at $1,100.00, $1,103.00, and $1,105.00. Real strength is expected only above $1,105.00 towards $1,110.00 and even $1,112.00.
Selling is available below $1,079.00 with targets at $1,077.00 and $1,075.00.
Intraweek trading pattern remains framed between $1,075.00 and $1,095.00.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: