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| Technical Analysis for Gold 6-7-2015 |
Gold moved last Friday in the average movement of 48 PIPs, its highest level at 1170.10 and the lowest price at 1164.55 and closed at 1168.67 to Gain 31 pips According to negative economic data from USA on Thursday and bank holiday on Friday.
Gold opened today's trading at 1174.07 to make a Gap with 54 pips After Greeks rejected the terms of the creditors through a yesterday’s referendum.
Gold moves in a series of down impulse waves under the trend line
We saw the pair achieved our target at 1160
It is expected that the yellow metal is heading targeting 1157 as the target on time frame of four hours and till now we see the Bears control on market direction and the Bulls waits the first Support Level to enter the market
And the Relative Strength Indicator "RSI" show us distribution operations at the market
Today we could see sharp trading because of the economic data from USA
Support levels: 1165.44 and 1162.22 and 1159.89
Resistance levels: 1170.99 and 1173.32 and 1176.54
For More Technical Outlook FxStations
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