Relevance up to 15:00 2022-07-09 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Gold price remains in a bearish trend. Price is near its weekly lows. Usually at the end of the trading week we see counter trend moves because of profit taking. It will not come as a surprise if Gold price starts a bounce higher from current levels. Although according to the Ichimoku cloud indicator trend remains clearly bearish, with the RSI at oversold levels, a bounce higher is justified. A break above the tenakn-sen (red line indicator) would be the first bullish signal and the one that could get price towards the kijun-sen (yellow line indicator) at $1,770. Bears need to be cautious. Specially if short-term resistance at $1,742 is broken upwards.
