empty
 
 
02.08.2017 09:11 AM
Technical analysis of gold for August 2, 2017

Gold price made a new high yesterday but prices soon after pulled back inside near the lows of the day just above $1,262. The trend remains bullish but maybe it is time for a pull back. Our short-term minimum target has been achieved. For gold to break above $1,300 we will need a pull back first.

This image is no longer relevant

In the 4-hour chart, as shown above, the price remains above the kijun-sen (yellow line indicator) confirming a bullish short-term trend. Support is at $1,263 and next at the Kumo (cloud) at $1,250. This is our minimum pull back target area.

This image is no longer relevant

On a daily basis, Gold price has broken above the daily Kumo (cloud) resistance and this is a bullish sign. However, with the RSI (5) at overbought levels, we could expect a pull back towards cloud support for a back test of the breakout. We remain longer-term bullish.
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