Thursday, July 26, 2018

GOLD - 27 July 2018

  • Dollar
  • Gold

Fundamental Highlights

The US Dollar is taking charge again as investors are waiting for the US GDP data release today. The Dollar Index is on the rise as another bull run is set to appear, and sending gold prices back to $1222 support level with a big chance to retest 2018 lows.

Technical Analysis

Gold couldn't find the pace to extend its rally after breaking the upper trend line to the upside as momentum has sank back to oversold conditions. The price is currently hovering around the $1222 support level trying to find a way to break below it. A more likely scenario is for the price to retest the $1228 resistance level to ease extreme conditions, and then break below supports. The next level we will be focusing on is the $1217 support level.

Support: 1222.20 1217
Resistance: 1228.5 1235

Chart (1H)