• 48 mins Police Bust China’s Largest Bitcoin Hacking Scheme
  • 3 hours Venezuela Undergoes “One Of The Greatest Currency Devaluations Ever”
  • 19 hours Gold Is Up But Bears Still Have The Advantage
  • 20 hours Consumers Show ‘Extraordinary’ Shift In Sentiment
  • 21 hours Uber Falling Victim to Investors’ Short-Term Thinking
  • 22 hours Has Eastern European Economic Growth Hit A Ceiling?
  • 23 hours Wall Street Confident In Trade War Breakthrough
  • 1 day Emerging Market Woes Spark Surge In Bitcoin Trading Volume
  • 1 day Saudis Sovereign Wealth Fund Eyes Tesla Rival
  • 2 days Inflation Wipes Out Wage Growth
  • 3 days Turks Flock To Safe Haven Assets As Lira Plummets
  • 4 days Did North Korean Hackers Just Steal $13M From Global ATMs?
  • 4 days Asian Tech Stocks Rebound After A Tough Week
  • 4 days Switzerland Bans New Audi, Mercedes, Porsche Imports
  • 4 days Sealing Off The North Korea Smuggling Loophole
  • 4 days This Tech Giant Is Pushing For Blockchain Adoption
  • 4 days Venezuela’s Gold Reserves Are Reaching Critical Levels
  • 5 days Brexit Woes Weigh On The British Pound
  • 5 days Forget Turkey, This Is The Biggest Threat To European Finance
  • 5 days There’s No Hiding From Google
MIG Bank

MIG Bank

MIG Bank

MIG BANK, formerly known as MIG INVESTMENTS, was established in Neuchatel, Switzerland as an online Forex broker and in 2009 became the world's 1st Forex…

Contact Author

  1. Home
  2. Markets
  3. Other

Gold - Short-Term Downside Momentum Continues

Gold is now consolidating and remains in a range between hourly support at 1157 (19/03/2015 low) and hourly resistance at 1188 (23/06/2015). However, the pair is setting lower highs. We remain bearish over the next few weeks.

In the long-term, the underlying downtrend (see declining channel) continues to favour a bearish bias. Although the key support at 1132 (07/11/2014 low) has held thus far, a break of the resistance at 1223 is needed to suggest something more than a temporary rebound. A major support can be found at 1045 (05/02/2010 low).

Daily Technical Report

 

Read the Report

Back to homepage

Leave a comment

Leave a comment