Gold technical review

1 August, 2017

Gold technical review

As we noted in last Friday’s report the gold price would make a charge for the next resistance level of is $1,265 which it has comfortably broken over the last 2 trading session and has now become the new support level.

With the political uncertainty surrounding the Trump administration at the moment such as staff being fired or resigning by the day, and rumors that US Secretary of State Rex Tillerson is also contemplating bailing on Trump , gold should remain well supported until this situation becomes clear.

There is also the rift between Russia and the US, which is escalating by the day, with Russia ordering the removal of more than 700 US consular staff out of the country as retaliation for extra sanctions placed on them.

Gold is now poised to make a run for the next resistance level around $1,275 but may retest the support level of or even temporarily did down below the current support level of $1,265 as traders take profits.


Source link  
Stagflation a threat to US dollar

The US dollar jumped suddenly after yesterday’s release of better than expected inflation data and then suddenly reversed into negative territory which...

Gold made a run for the $1365 mark

If we look at the arrow on the weekly gold price chart we can see that a resistance point that was first encountered in around august of last year...

Gold awaits direction of Stockmarket

The gold price has remained in a tight range over the last 3 trading sessions as equity markets in the US continue to swing wildly and are now down...


US dollar in for a tough year

The US dollar finished off 2017 mostly weaker against the major currencies despite 3 rate hikes from the US Federal Reserve and although...

RBA misleads investors on AUD

The Australian dollar has dropped sharply in today's Asian trading session on the back of disappointing data and throws into question yesterday...

Brexit doubts pressure pound

The British pound has enjoyed a good run against its US counterpart ever since rumors spread that the EU and the UK were close to reaching a deal...


Gold steady ahead of key news

The gold price is trading slightly higher today as the market awaits the senate testimony later today from Jeremy Powell who is Donald...

Gold looks to go past $1300

The gold price remains well supported today after yesterday’s stellar gains on the back of a less than convincing speech from The US Federal Reserve...

Gold remains supported

After falling sharply on Monday, the gold price has stabilized over the last 2 days and it looks as if for now, the precious metal has found strong...

  


Share: