Gold 07.17.2019 – Strong bullish momentum but resistance on the test

Trading 17 juil 2019 Donner votre avis

The Gold did perfect test-reject of our yesterday's downward target $1.401 and it rallied all the way to the resistance at the price of $1.419. Since I found resistance levels at $1.419 and $1.4126, I would watch for selling opportunities. Logical downward objective is set at the price of $1.407.

Industry news:

The Consumer Price Index (CPI) rose 2.0% on a year-over-year basis in June, down from a 2.4% increase in May, largely due to lower month-over-month energy prices. Excluding energy, the CPI rose 2.6% year over year. Prices increased year over year in all eight major components.

On a seasonally adjusted monthly basis, the CPI declined 0.1% in June, following a 0.3% gain in May.

Technical view: .


On the H1 time-frame I found that there is a strong up void spike, which is sign of the strong upward momentum. Anyway, since there is a resistance around $1.419, I would advise you to watch for selling opportunities. Watch for potential sell divergence on the oscillator to confirm potential down turn. Potential downward target is set at the price of $1.407.

The material has been provided by InstaForex Company -

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