Wednesday, July 25, 2018

GOLD - 25 July 2018


Fundamental Highlights

After dropping to a 2-day low at $1218, the XAU/USD pair took advantage of the broader USD weakness and gained traction to turn positive on the day. However, improved market sentiment in the early US session capped the pair's upside after Wall Street reported record gains.

Technical Analysis

Technically, Gold prices are continuously trying to test and break the upper trend line shown on the chart. An hourly candle close above it will send the price to test the $1230 level and eventually break it with a strong momentum to head to the $1235 resistance level and that will be the level we will be watching.

Support: 1222.20 1217
Resistance: 1228.5 1235

Chart (1H)