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Industry news:
Prices remain well supported by fundamentals: the central bank of Poland said on Friday it had switched some $5 billion of its foreign reserves out of currency and into gold in June, adding to the list of active central bank buyers. However, short-term speculative buying appears to have eased off in the wake of the U.S. employment report.
In a session bereft of major economic reports in the U.S., Japan's core machinery orders fell by the most in eight months - another a worrying sign that global trade tensions are hitting corporate investment.
Gold has been trading sideways in past 24 hours. Light volume today and down break of the rising wedge on the 1H time-frame is clues that we got today. Important resistance is set at the price of $1.407. Watch for selling opportunities.
Green rectangle – Resistance 1 ($1.407) – Fibonacci confluence
Red lines- Broken rising wedge
Yellow rectangle – Support ($1.381)
Both MACD and Stochastic did flip down, which is confirmation that sellers are present. As long as the Gold is trading below the $1.407, I would like to watch for selling opportunities on the rallies. Downward target is set at the price of $1.381. The potential break of the resistance at $1.407 may lead us to $1.422.
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