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

Long-term review
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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.

Exchange Rates 07.07.2015 analysis

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.

Exchange Rates 07.07.2015 analysis

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.

Alexandros Yfantis
Analytical expert of InstaForex
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