07.07.201510:06 Forex Analysis & Reviews: Gold technical analysis for July 7, 2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Gold price made another bounce towards $1,175 yesterday, but the price got rejected once again and pulled back below $1,170. The trend remains bearish. Bulls are not strong enough to make a bounce higher than $1,175.

Blue lines - triangle pattern

The price reached the breakdown area of the lower triangle boundary and tested it. Hwever, it got rejected again. The price remains below the Ichimoku cloud. The short-term trend remains bearish as long as the price is below the cloud in the 4-hour chart as shown above.

Blue line- long-term support trend line

The weekly chart remains bearish. The price is below the weekly Ichimoku cloud and below both the tenkan- and kijun-sen indicators. Support is critical at $1,150 and at $1,130. My longer-term target remains at $1,000 if we break $1,130. A bounce should find weekly resistance at $1,200. I would remain bearish.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.