Technical analysis of Gold for July 07, 2015
July 7, 2015 8:20 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
The metal has been extending selling pressure for more than a week except for 1 day. The metal is approaching support zone between $1,162.00 and $1,160.00. A daily close below $1,160.00 openes the way to re-test of the previous lows of $1,142.50 and $1,135.00. In all time frames, the precious metal lost all the moving averages. Ahead of the FOMC meeting minutes, the metal is trading lower at the Asian session.
After yesterday’s US weak PMI data, the metal is unable to take this as an advantage to move higher. This shows weakness over the board. We do not expect the FOMC minutes to deliver surprising data. In this case we expect a mild pullback towards $1,173.00, $1,180.00, $1,187.00, and $1,190.00. This view will be canceled in case the metal fell below $1,160.00. As per the below, that the metal was rejected at the descending trendline at the previous session. Big moves loom above $1,175.00 and panic is expected below $1,160.00. A daily close above $1,175.00 will lighten up the bullish view.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: