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Gold analysis Tuesday 4th of July 2017

Gold analysis Tuesday 4th of July 2017

 

Gold fell to its lowest level in seven weeks yesterday, recording its biggest daily loss since last November as the US dollar recovered and the 10-year US Treasury yields rose, which had a big impact on the price of gold.

What is strange about the gold trading movement was what happened last week and the inability of the precious metal to benefit from the lack of a dollar on the driving force in the absence of voting on the health care project in the US Senate.

This may be due to investors' increased appetite for risk or the wait for a dollar-supported move from the US administration. However, markets have lost hope that the US administration will do anything new to support the growth of the US economy. What may be caused by the fear of the markets of buying gold.

Technically

Although the general outlook for gold is to continue the decline, it must first break the 100 moving average at 1218 followed by the 1215 support level then it may continue to decline towards 1198 and if this level is broken the next one will be 1180.

In the case of stabling above 1218, this may support the gold to return to the high level towards the level of 1225 and if it breaches this level it may continue to move towards the level of the 200 moving average at 1234 and beyond the resistance level of 1240 and then it may continue to rise towards 1248

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