News & Analysis

Eightcap CFD technical insights: Gold holding for now – support developing?

Jul 12, 2018 | CFD News

So no real argument about the current medium-term dominate trend on Gold right now. The interesting stuff has been happening since the last low was put in on the 3rd of July.

After the rally made a range and failed breakout that lead to yesterday’s sharp move lower. Interestingly that sell off not only failed to test the low it closed around the same point as the 2nd and 3rd settled creating a new support line. We also have a rough higher low from the 3rd to today (if today can hold higher). If yesterday proves to be an exhaustion bar and the support point (1241.15) can hold, could we see a new leg up develop?

Gold Daily Chart

Good Trading from Eightcap.

 

 

 

 

 

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