Tuesday, July 24, 2018

GOLD - 24 July 2018

  • Dollar
  • Gold

Fundamental Highlights

Gold is under fire again as the Dollar is trending higher with the support of the Treasury yields. On the other hand, investors are afraid from the global trade war plus the recent tensions between Iran and the US after Trump responded to Hourani's threats.

Technical Analysis

It looks like the corrective rally from recent lows has come to an end with an extremely bearish momentum and breaks below support level as we can see on the chart. The price is currently hovering just below the $1220 level and looking for a retest of the $1222 resistance level before it continues its downtrend. But be careful from oversold conditions as we will be focusing on the $1211 level.

Support: 1217 1206
Resistance: 1226.50 1228.47

Chart (1H)