Gold analysis – 23 July 2019

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By: Ahura Chalki

News calm, Gold fall!

Yesterday Economic Calendar was so quiet, as we did not have any specific economic data to realize. Today Existing Home sale from the US will affect the USD rate and Gold, as well. $1405 generally is the main Support level, which breaking down, will open the door for more bearish at Gold price and staying above that still keeps the Gold in a bullish channel. However, Gold has been breaking first and second support levels over the night. Now Gold is trading around the second support level. For today, trading with Support and resistance levels with technical indicators will be much safer.

From the technical side, RSI moves under 50-level with a clear bearish signal. Bollinger bands show there will be soon either correction or sharper falling, as price moves on the lower wing from the beginning of this trading day. MACD has a clear bearish signal, while Histograms are clearly forming under 0-level and the Signal line moves above MACD main line.

 

Pivot point: 1425.36

Resistance levels: 1428.66 / 1433.42 / 1437.20

Support levels: 1420.60 / 1417.30 / 1413.03

The expected trading range for today is between 1413.03 support and 1433.42 resistance.


Risk Warning: Trading-Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investment objectives and level of experience, before trading, and if necessary, seek independent advice.

 

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