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Forex Technical Outlook GOLD 21.07.2017

21 July 2017 02:11 PM BDT
Forex Technical Outlook GOLD 21.07.2017

Spot Gold – bulls expected to resume after correction

GOLD

Spot Gold stays in red eases further on Thursday, pressuring Wednesday’s low and strong downside rejection at $1235, also the base of thick hourly cloud. The price may dip further as correction is signaled by overbought daily slow stochastic which turns south. Good supports lay at $1232 (20SMA) and $1230 (200SMA / Fibo 38.2% of $1204/$1244 rally) where correction should be contained to prevent deeper pullback and violation of lower pivot at $1224 (daily Tenkan sen, loss of which would signal lower top at $1244. Overall outlook is still bullish and keeps focus at $1246/47 and $1250/55 targets in extension.

Res: 1232; 1242; 1244; 1246 Sup: 1235; 1230; 1226; 1220

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