MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

Technical analysis of Gold for July 8, 2016

Gold price is pulling back as short-term support is broken. This is considered a normal corrective pullback in a larger bull market. We warned bulls that profits should be taken and positions should be protected as a pullback was imminent. Now the pullback has started and could even bring price back towards $1,300.

analytics577f5462aa994.jpg

Blue lines -bullish channel

Gold price is finding short-term support at the kijun-sen of the 4-hour chart. Support is at $1,354-55. Resistance is at $1,364. A break above short-term resistance could bring price to new highs near $1,400. If price closes below $1,354 on the 4 hour chart, we should be expecting a deeper pullback towards $1,335-40.

analytics577f54c8271b4.jpg

Red lines - expanding triangle

The resistance at $1,370 rejected price and the expanding triangle scenario is still in play. First important daily support is found at $1,342 where the daily tenkan-sen is found. A daily close below the tenkan-sen will be a bearish sign. My logner-term view remains bullish.

The material has been provided by InstaForex Company - www.instaforex.com