Technical Analysis for Gold 8-7-2015

Technical Analysis for Gold 8-7-2015

Gold moved yesterday in the average movement of 224 PIPs, its highest level at 1170.27 and the lowest price at 1147.82 and closed at 1153.93 to Lose 162 pips According to yesterday’s economic data.

Gold opened today's trading at 1154.79 volatile between 1150 and 1156 during the Asian session trading at 6 dollar for the poor liquidity in the market range, and in the European session the gold went down to 1147.07

Gold moves in a series of down corrective waves below 78.6% fibo

We saw the gold achieved our target at 1161

It is expected that the yellow metal is heading targeting 1144 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: 1144.41 and 1134.89 and 1121.96

Resistance levels: 1166.86 and 1179.79 and 1189.31

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