Technical Outlook For Gold 9-7-2015

Technical Outlook For Gold 9-7-2015

Technical Outlook For Gold

Gold moved last Friday in the average movement of 153 Pips, its highest level at 1132.00 and the lowest price at 1116.69 and closed at 1121.15 to Lose 37 pips during Friday’s trading.

Gold opened today's trading at 1122.31 volatile between 1118 and 1124 during the Asian session trading at 6 dollars for the poor liquidity in the market range.

Gold is moving in a series of down impulse waves after breaking the price channel.

We saw the gold achieved our target at 1117

It is expected that the yellow metal is heading targeting 1109 as a target on time frame of four hours and until now we see the Bears control on market direction.

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 the USA

Support levels: 1114.56 and 1107.97 and 1099.25

Resistance levels: 1129.87 and 1138.59 and 1145.18

Technical Outlook FxStations