For Traders

Analytical Reviews

Technical analysis

02.07.201510:19 Forex Analysis & Reviews: Gold technical analysis for July 2, 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 brake out below the triangle pattern. This is not a good sign for bulls. Inability to produce a bounce even towards $1,200 and the break of short-term support are signs of weakness. However, the most important support is seen at $1,130-50. Losing that level will push the precious metal below $1,000.

Blue lines- triangle pattern

Gold price cane below the Ichimoku cloud and brake the lower triangle boundary. At the same time, we break below the low hit earlier in June. Next important support is seen at the low of $1,140 hit in February. Short-term esistance is seen at $1,170-75.

Blue line - long-term trend line support

The weekly chart remains bearish as the price is below the Ichimoku cloud and below the tenkan- and kijun-sen indicators. The price is heading towards the important long-term blue trendline. A break below this trendline will open the way to $1,000 or even $900.

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.