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Gold price was mostly stable last week moving within a narrow price range. Gold ended the week slightly higher than last week while price moved between $1,477 and $1,498. At the end of the week price was just a bit higher than where it opened on Monday. So this is a no event week.
Green lines - bearish channelDespite Dollar sell off last week, Gold bulls did not manage to recapture the $1,500 level. Price remains inside the bearish channel and as long as we continue to trade below $1,525 I continue to expect price to move closer to the lower green channel boundary near $1,440. Support is at $1,477-74 and resistance at $1,500 and next at $1,525. Any bounce is considered selling opportunity as long as we trade below $1,525.
On a daily basis in ichimoku cloud terms, Gold price is in neutral trend. Price is below the tenkan- and kijun-sen indicator favoring more downside. Resistance is at $1,500 (tenkan- and kijun-sen) and at $1,520-25 (upper cloud boundary). Support is at $1,471 (lower cloud boundary).¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.