Sunday, July 29, 2018

GOLD - 30 July 2018

  • Dollar
  • Gold

Fundamental Highlights

Gold is taking a dip to retest the $1217 support level after it has recovered from the weekly lows. US GDP data has slightly missed expectations, however, the Dollar is taking charge again this morning putting more pressure on the yellow metal as we monitor the $1217 level in case it holds strong or breaks.

Technical Analysis

Gold is back on the lows retesting support levels after it failed to hold grip to the strong momentum it found last Friday. We expect the prices to trade between the $1217 and $1233 levels. Any break below or above these levels will suggest the direction of the next trend.

Support: 1222.20 1217
Resistance: 1228.5 1235

Chart (1H)