Thursday, July 12, 2018

XAU/USD- 12 July 2018

  • Dollar
  • Gold

Gold is holding close to 2018 lows as the precious metal continues to slump, with traders opting to hold USD for the time being. The price has decreased back to $1241 area as the yellow metal is still loosing its allure as a safe haven instrument despite escalating trade war tensions.

Technical Analysis
Another selloff saw the price reaching the $1241 level ignoring all support levels. We can also see a divergence between the momentum and the price so we can expect a pullback from the price towards $1249.5 support level. The next level we will be focusing on is the 1238.46 support level.
XAU/USD Chart 12 July 2018

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