Gold Price Gaining Momentum above $1215 Vs US Dollar

  • Gold price after forming a support base near $1205-1210 started moving higher against the US Dollar.
  • The price broke a bearish trend line at $1215 on the hourly chart vs the USD.
  • Today in China, the Trade Balance for June 2017 was released by the General Administration of Customs of the People’s Republic of China.
  • The outcome was above the forecast of $42.44B, as there was a trade surplus of $42.77B.

Gold Price Technical Analysis

This past week there were declines in Gold from the $1230 swing high against the US Dollar. The price traded towards the $1200 handle and later started consolidating above $1200.

The price formed a support base near $1205-1210 started moving higher. It broke many resistances on the way up like $1210 and $1212.

Gold Price Hourly Chart

Gold Price Technical Analysis

There was also a break above a bearish trend line at $1215 on the hourly chart vs the USD. Moreover, there was a close above the 50% Fib retracement level of the last decline from the $1244 high to $1204 low.

Recently, the price traded as high as $1225.76 where it found a connecting bearish trend line and dipped towards $1215.

On the downside, a bullish trend line provided support at $1215, and the price is once again moved into the bullish zone.

However, buyers need to break the trend line resistance at $1225 for further gains. Above $1225, the next major hurdle is near $1228, which is a weekly pivot.

China’s Trade Balance

Today in China, the Trade Balance for June 2017 was released by the General Administration of Customs of the People’s Republic of China. The forecast was lined up for a trade surplus of $42.44B, up from the last $40.81B.

The actual result was above the forecast of $42.44B, as there was a trade surplus of $42.77B. Imports of goods and services rose 17.2%, more than the forecast of 13.1%. Exports of goods and services rose 17.3%, more than the last 15.5%.

Overall, gold price is placed well above the $1215 support zone, and remains buy on dips in the near term with targets as $1225 and $1228.

About Aayush Jindal 109 Articles
With over 10 years of experience and still counting, Aayush posses great technical and fundamental analysis skills in the Forex, Cryptocurrency and Financial Markets. His Analysis are well-know and famous for engaging with viewers easily. He is from IT background with a lot of passion in the Forex and Cryptocurrency Arena.


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