empty
 
 
24.06.2015 09:05 AM
Gold technical analysis for June 24, 2015

Gold remains weak as the price has broken below the short-term trend-line support and is moving lower in an impulsive way. Gold medium- and long-term trends remain bearish and I believe it is only a matter of time before we see a break of the support at $1,130.

This image is no longer relevant

Blue line - trend line support

Gold is trading right at the edge of the boundaries of the Ichimoku cloud support. The rejection at the 61.8% retracement was an important sell signal. Short-term support is at $1,170. Short-term resistance is at $1,208.

This image is no longer relevant

Blue line - long-term support trend line

The weekly chart has made a bearish reversal after last week's strong bounce. The price is below the tenkan-sen again as bulls could not move it even towards the Ichimoku cloud boundaries. The trend remains bearish. Critical support is seen at $1,130. I expect this level to be broken over this summer and Gold is likely to be pushed towards $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 $1000 more!
    In April we raffle $1000 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