Gold - Thursday, July 16, 2015
Throughout the last few weeks gold has steadily declined and fell above the key level of $ 1,0 back to a new four-month low below $ 1,150 in the last hours. Throughout last week, he received strong support from the level $ 1150 that stopped the sharp falls and allowed him to rally a little higher above $ 10. Meanwhile, it has rallied higher, but run into resistance at 10 $ which sent even lower. It now threatens to remain below the key $ 1,150 level. To end a few weeks ago, he was able to rally against the medium-term downtrend and return to above the level of $ 1170 before falling again. A few weeks ago, he jumped higher back above the key $ 1,180 level before falling even lower. In the few days before the gold was easing back below the key level of $ 1,0 after recently soaring above a three-week high above $ 1,205.
The level of $ 1,0 remains significant and continues to selling pressure on gold and probably the level now too $ 1180. Before the rise and in the last few weeks gold was contained in trade around the key $ 1,180 level. There are a few weeks, he rallied well to go from two month low near $ 1,0 back up above $ 110 before falling again at $ 1,180. The key $ 1,180 level has always been a strong supporter and served up a few months now, except for the recent tour below. There is one month gold fell through the key level of $ 10 and spent the rest of the week consolidating in a tight range around $ 110. The level of $ 10, a significant level in most of this year and is now a key level offering reasonable resistance to higher prices, while lower the level $ 1,180 continues to be important. Throughout the last month or $ 1180 level provided support and was named recently.
early in May, he was able to race through the level of $ 1,0 for up to three months above $ 1,230 but gold was quickly sold and returned in 10 $ where he enjoyed some support for several days. For about two months through April gold traded in a range between $ 1180 and $ 1220 and had very few excursions outside these limits. Gold is currently stuck between resistance at $ 10 and support at $ 1,180 and it is surprising to see the trade in such a tight range for several days. It seems he waits patiently external factors to determine what level will be put to the next test.
(daily chart / 4 hourly chart below)
Now July 16 at 4:10 GMT 1147.2 H: 1149.9 L : 1146.1
Technical Gold
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1150 | - | - | 10 | 1240 | - |
During the first hours of the Asian session on Thursday, gold is trading in a narrow range just below $ 1,150 after falling to a new four-month low. Current range :. trading just above $ 1145
Other levels in both directions
• Below: 1150.
• Above: 10 and 1240.
Open ratios position OANDA
(shows the ratio of long positions versus short gold held for purposes among all OANDA clients. the percentage left (blue) shows long positions, the percentage right (orange) shows short positions)
for the long gold position report rose above 80% gold fell below the key $ 1,150 level .. the trader sentiment is strongly in favor of long positions
economic Releases
- 09: 00 EU HICP (June)
- .: 09 00 European trade Balance (sa) (May)
- 11:45 EU ECB - interest rates
- 12:30 US initial applications (11/07/2015)
- 13: 30 EU ECB Draghi holds a press conference following the rate announcement
- 2:00 p.m. US NAHB survey Builders (July)
- 2:00 p.m. US Philadelphia Fed Survey (July)
- 20: 00 US net long-term TICS Flows (May)
* All GMT release time
This article is only for general information purposes. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or its subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
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