Relevance up to 15:00 2022-07-07 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 is under pressure. Price is trading around $1,790-97. Although Friday's daily candle was very promising for bulls, there was no follow up and price is about to challenge recent lows. As we mentioned in previous posts, as long as Gold price is below $1,850-30, Gold is vulnerable to more downside. Gold is still below the tenkan-sen (red line indicator). Price continues to get rejected at the tenkan-sen confirming that bears remain in control of the trend. In order for this to change, bulls will first need to recapture $1,831 (kijun-sen yellow line indicator) and next break into cloud resistance above $1,850. Until then Gold price remains vulnerable to new lows towards $1,750.