Gold bounced quite strongly on 30 June from around $3,250 the week before that as traders monitored the debate around the American tax and spending bill and its likely effects on the deficit. However, 3 July’s stronger than expected NFP seems to have capped gains for the time being. Further implementations of tariffs has continued to be chaotic.
While there’s no definitive evidence yet that the main uptrend has ended, it certainly seems to have paused for now and been replaced by a short to medium-term sideways trend. 15 May brought a lower low intraday but $3,250 seems to be established as a fairly strong support since then, tested unsuccessfully twice at the end of May and June.
Resistance is less clear: $3,450 seems to be a likely area of reaction but this is approximate. ATR has declined fairly consistently since peaks in April and May but might now be bottoming out while volume is also relatively low now compared to the average early last quarter. The value area between the 20 and 50 SMAs is the main technical reference for now; whether the short-term direction is up or down seems to depend mainly on news, especially American politics.
This is my personal opinion, not the opinion of Exness. This is not a recommendation to trade.
While there’s no definitive evidence yet that the main uptrend has ended, it certainly seems to have paused for now and been replaced by a short to medium-term sideways trend. 15 May brought a lower low intraday but $3,250 seems to be established as a fairly strong support since then, tested unsuccessfully twice at the end of May and June.
Resistance is less clear: $3,450 seems to be a likely area of reaction but this is approximate. ATR has declined fairly consistently since peaks in April and May but might now be bottoming out while volume is also relatively low now compared to the average early last quarter. The value area between the 20 and 50 SMAs is the main technical reference for now; whether the short-term direction is up or down seems to depend mainly on news, especially American politics.
This is my personal opinion, not the opinion of Exness. This is not a recommendation to trade.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.