For Traders

Analytical Reviews

Technical analysis

09.07.201510:15 Forex Analysis & Reviews: Gold technical analysis for July 9, 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 is testing the long-term trend-line support in the area of t $1,140-50. Yesterday, buyers stepped in and produced a bounce above $1,160. The short-term trend remains bearish despite a small bounce. The long-term trend also remains bearish and I believe that if we break $1,130, we will reach $1,000.

Blue lines - triangle pattern

Gold price broke below the triangle and gave a new sell signal. The price is below the Ichimoku cloud implying that the trend remains bearish. It is making a short-term bounce towards cloud resistance. Short-term support is seen at $1,155.

Blue line-long-term support trend line

Weekly chart remains bearish. Weekly candle is still bearish as we made lower lows. The price remains above the long-term trend-line support. It also remains below the ichimoku indicators (red and yellow lines). My longer-term expectations are bearish. Confirmation of weekly sell signal is expected if the price closes below $1,130.

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.