empty
 
 
11.06.2015 10:10 AM
Gold technical analysis for June 11 2015

Gold price was bounced higher as expected and reached the Ichimoku cloud resistance. The price has been rejected. The trend remains bearish which meets our longer-term view.

This image is no longer relevant

Gold price reached the Ichimoku cloud resistance. The trend is bearish as the price is moving towards lower lows and lower highs. Support is at $1,175 and resistance is at $1,200. I remain bearish for the short term especially if the level of $1,175 gets broken.

This image is no longer relevant

Blue line = trend line support

The weekly chart remains bearish. This week, we have seen an attempt to push the price higher towards the tenkan-sen indicator (red line), but the pair has not reached resistance at $1,200 until now. Support is seen at $1,160 and $1,130 in the weekly chart. A breakout below $1,130 will open the way to $1,000.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback