Monday, July 10, 2017
Gold breaks key support level
Gold
has broken below the 1214 level, which has acted as support in the past. The
drop in gold has been caused mostly by a recent rally in the US Dollar. Will
gold continue falling? Yesterday’s daily candle has closed in the shape of a
hammer. The hammer is a bullish reversal candlestick pattern, but in order for
the pattern to be confirmed, the latest candle must turn positive. If the price
of gold stays below the 1214 level, then it is possible for the precious metal
to continue falling. In case of a bearish continuation, the 1200 level may act
as support, followed by the 1180 level. If the present candle turns positive,
then gold may change direction to the upside and it may try to reach the 1242
level where we can find the 200 day exponential moving average.
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Gold is testing the support level at 1200 level.
ReplyDeleteVery helpful analysis.
ReplyDeleteLet's see whether there will be a breakout below $1,200.
ReplyDeleteI think the current move to the downside may be over.
ReplyDeleteIt retreated slightly but yet remains bearish.
ReplyDeleteVery useful information! Thanks.
ReplyDeleteVery good analysis.
ReplyDeleteGreat post! I fully agree with your view.
ReplyDeleteVery useful information! Thanks.
ReplyDelete