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Long-term review

Gold price hit another new low yesterday. The trend remains bearish in all time frames. I do not believe that the price is going to hold $1,130. Bulls continue to feel weak as they are not strong enough to make a bounce higher. The level of $1,160 is the largest short-term bounce we could see. The short-term trend will change if we break above that level.

Exchange Rates 17.07.2015 analysis

Blue line - resistance

Gold price remains below the Ichimoku cloud and below the downward sloping trend line. Bears continue to be in control although we could see a short-term bounce towards $1,155-58. The short-term trend will change if we see a 4-hour candle above $1,160.

Exchange Rates 17.07.2015 analysis

Blue line - long-term support

The weekly chart remains bearish as this week's candle has broken below the long-term trend line support. I expect more selling pressures to follow over the coming months. I remain bearish Gold.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2019
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