Gold has been strengthening for 6 consecutive sessions

July 7, 2016

The gold has been strengthening for 6 consecutive sessions. The metal is in demand due to the risk aversion in the market after Brexit. In addition, investors are waiting for leading Central Banks to start their new easing measures, which will support gold futures.

Current situation

The gold futures continued its growth and set a new high at 1374. This is the highest mark since 2014. After reaching 1374 the pair started a consolidation and decreased to 1360. The resistance is at 1390, the support comes in at 1360.

Technically, indicators remained in a green zone. MACD and RSI grew which is a buy signal. RSI is in the overbought zone. The indicator will give a buy signal till it stays in the current zone.

The moving averages (50, 100 and 200) are moving upwards in the 4 hours chart. The price resides above them. In the 1 hours chart the price is decreasing to the 50-EMA.

Trading recommendations

The fundamental factors support buyers. We presume that any correction will be short-lived. In the potential scenario, the next stop for the XAUUSD could well be around 1390. A break below 1350 will be followed by moving down to the support level 1330.

Publication source
Fort Financial Services information  Fort Financial Services reviews

February 17, 2017
Golds rally may falter
The gold price has racked up its 2nd straight day of gains today on the back of US dollar weakness and doubts over an interest rate hike next month from the US Federal Reserve...
February 16, 2017
Where is black gold heading?
The Euro is slowly going down and this is not brought on by the Eurozone situation. Instead, this is fueled by the U.S. Dollar. Yesterday, Janet Yellen gave a speech in the Senate Banking Committee emphasising the fact that it Is not quite right to use the wait-and-see stance regarding the interest rate hike...
February 14, 2017
Will France exit the euro?
The Euro has come under pressure late in the European session today, after analysts warned of the huge costs that France would face should they decide to ditch the European currency...

Grand Capital Rating
Fort Financial Services Rating
FOREX.com Rating
XM Rating
 FXTM Rating
FX Giants Rating

Porter Finance Rating
OptionRally Rating
EZTrader Rating
IQ Option Rating
Binary Brokerz Rating
OptionFair Rating