06.07.201509:50 Forex Analysis & Reviews: Gold technical analysis for July 6, 2015

Long-term review

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Gold price gaped up early on Monday after the NO vote in the Greek referendum and a sharp decline in EUR/USD. Prices however came back to Friday's levels as the price tested the break-down area again and got rejected, as we had expected.

Blue lines - triangle pattern

Last week, we saw Gold price breaking down below the triangle lower boundary. It was pushed towards $1,158. As I expected, gold price bounced today and tested the breakout level again. The price got rejected and this is a bearish sign. It remains below the Ichimoku cloud and in a bearish short-term trend.

Blue line- long-term trend line support

This week's candle has started on a bearish note as the higher open is followed by selling pressures. The price remains above the blue trend line support at $1,150. Important support is seen at $1,130. This entire area is the important support. If it gets broken, sell-off towards $1,000 will follow.

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